Symbotic (NASDAQ:SYM) Sees Strong Trading Volume - Should You Buy?

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 5,827,669 shares traded hands during trading, an increase of 241% from the previous session's volume of 1,710,531 shares.The stock last traded at $37.15 and had previously closed at $31.16.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. BWS Financial reissued a "sell" rating and issued a $10.00 price target on shares of Symbotic in a research report on Wednesday, April 2nd. The Goldman Sachs Group reduced their price objective on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Citigroup lowered their target price on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Finally, UBS Group cut their price target on Symbotic from $32.00 to $30.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $37.20.

Symbotic Price Performance

The business's 50 day moving average is $26.37 and its two-hundred day moving average is $25.43. The firm has a market capitalization of $20.05 billion, a PE ratio of -850.00, a P/E/G ratio of 56.67 and a beta of 1.95.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The company had revenue of $549.65 million during the quarter, compared to analysts' expectations of $522.36 million. Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. Symbotic's quarterly revenue was up 39.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.07) EPS. Analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Michael David Dunn sold 2,040 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $22.24, for a total value of $45,369.60. Following the completion of the sale, the insider now directly owns 23,822 shares in the company, valued at approximately $529,801.28. The trade was a 7.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the company's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $17.51, for a total transaction of $35,020.00. Following the completion of the sale, the director now directly owns 194,036 shares of the company's stock, valued at $3,397,570.36. This trade represents a 1.02% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,056 shares of company stock worth $1,198,707. Corporate insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in SYM. Alberta Investment Management Corp bought a new position in shares of Symbotic during the fourth quarter valued at about $586,000. Vanguard Group Inc. lifted its stake in shares of Symbotic by 41.3% in the 4th quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock valued at $117,846,000 after acquiring an additional 1,452,627 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Symbotic during the 4th quarter valued at about $20,754,000. Cetera Investment Advisers grew its position in Symbotic by 5.7% during the 4th quarter. Cetera Investment Advisers now owns 24,621 shares of the company's stock worth $584,000 after acquiring an additional 1,332 shares during the last quarter. Finally, Northern Trust Corp grew its position in Symbotic by 23.7% during the 4th quarter. Northern Trust Corp now owns 110,148 shares of the company's stock worth $2,612,000 after acquiring an additional 21,077 shares during the last quarter.

About Symbotic

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.