Symbotic (NASDAQ:SYM) Sets New 12-Month High - Should You Buy?

Key Points

• Symbotic Inc. shares reached a new 52-week high of $64.16 after trading up 11.7%, with the last traded price at $63.21.
• Brokerage ratings are mixed, with analysts giving the stock a consensus rating of "Hold" and an average price target of $39.87.
• Insider selling activity included CFO Carol J. Hibbard, who sold over 6,000 shares, indicating potential caution from company executives regarding the stock's future.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $64.16 and last traded at $63.21, with a volume of 4916491 shares changing hands. The stock had previously closed at $56.57.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Arete lowered Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price on the stock. in a research note on Friday, July 25th. Oppenheimer increased their target price on Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a report on Thursday. The Goldman Sachs Group dropped their target price on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Robert W. Baird downgraded Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price objective on the stock. in a research report on Thursday. Finally, Arete Research downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. One analyst has rated the stock with a sell rating, ten have given a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Symbotic presently has an average rating of "Hold" and an average target price of $42.69.

Symbotic Stock Performance

The company has a market cap of $31.96 billion, a P/E ratio of -774.32, a price-to-earnings-growth ratio of 65.52 and a beta of 2.06. The business has a 50 day moving average price of $42.59 and a two-hundred day moving average price of $30.64.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.08). Symbotic had a negative return on equity of 2.07% and a negative net margin of 0.38%. The company had revenue of $592.12 million during the quarter, compared to the consensus estimate of $533.55 million. During the same period in the previous year, the firm posted ($0.02) earnings per share. The company's revenue was up 25.9% on a year-over-year basis. As a group, research analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Activity at Symbotic

In other Symbotic news, Director Todd Krasnow sold 5,940 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $26.38, for a total value of $156,697.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Carol J. Hibbard sold 6,293 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $55.42, for a total transaction of $348,758.06. Following the sale, the chief financial officer owned 61,971 shares in the company, valued at approximately $3,434,432.82. This trade represents a 9.22% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 118,241 shares of company stock worth $5,756,164. 0.60% of the stock is owned by corporate insiders.

Institutional Trading of Symbotic

A number of institutional investors and hedge funds have recently made changes to their positions in SYM. AdvisorNet Financial Inc bought a new stake in Symbotic during the 2nd quarter worth about $32,000. Gables Capital Management Inc. acquired a new position in shares of Symbotic in the 2nd quarter valued at about $39,000. GAMMA Investing LLC boosted its holdings in Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock worth $29,000 after acquiring an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC bought a new stake in Symbotic during the first quarter worth $31,000. Finally, Farther Finance Advisors LLC raised its stake in shares of Symbotic by 24.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock worth $69,000 after purchasing an additional 342 shares during the period.

Symbotic Company Profile

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.