Symbotic (NASDAQ:SYM) Shares Up 10.7% - Should You Buy?

Key Points

• Symbotic Inc.'s share price increased by 10.7% during trading, reaching a high of $64.16, after closing at $56.57 the previous day.
• Several analysts have mixed opinions on the stock, with Northland Securities raising its target price to $56.00, while The Goldman Sachs Group lowered its price target to $18.00.
• The company reported a revenue increase of 39.7% year-over-year, totaling $549.65 million for the last quarter, despite missing earnings estimates.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price was up 10.7% during trading on Tuesday . The stock traded as high as $64.16 and last traded at $62.62. Approximately 2,193,100 shares traded hands during mid-day trading, an increase of 14% from the average daily volume of 1,923,983 shares. The stock had previously closed at $56.57.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SYM. Northland Securities raised their target price on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 8th. Arete Research cut Symbotic from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Citigroup restated a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Oppenheimer reaffirmed an "outperform" rating and issued a $54.00 price objective (up from $35.00) on shares of Symbotic in a research note on Wednesday, July 16th. Finally, The Goldman Sachs Group lowered their price objective on Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $39.87.

Symbotic Stock Performance

The stock has a market cap of $37.17 billion, a price-to-earnings ratio of -1,582.58, a price-to-earnings-growth ratio of 52.97 and a beta of 2.06. The stock's 50-day simple moving average is $40.77 and its two-hundred day simple moving average is $30.02.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The firm had revenue of $549.65 million for the quarter, compared to the consensus estimate of $522.36 million. During the same period in the prior year, the company posted ($0.07) earnings per share. Symbotic's quarterly revenue was up 39.7% compared to the same quarter last year. As a group, research analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Activity

In related news, Director Todd Krasnow sold 4,000 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $46.48, for a total value of $185,920.00. Following the transaction, the director owned 189,036 shares of the company's stock, valued at approximately $8,786,393.28. This trade represents a 2.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniela L. Rus sold 1,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $48.33, for a total transaction of $48,330.00. Following the sale, the director owned 22,729 shares in the company, valued at approximately $1,098,492.57. The trade was a 4.21% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,508 shares of company stock valued at $2,429,532. Company insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently bought and sold shares of SYM. Mirae Asset Global Investments Co. Ltd. grew its stake in Symbotic by 21.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock valued at $348,000 after purchasing an additional 3,024 shares in the last quarter. Vanguard Group Inc. raised its stake in Symbotic by 41.3% during 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 in the last quarter. Bank of New York Mellon Corp increased its position in shares of Symbotic by 35.7% during the 1st quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company's stock valued at $1,224,000 after purchasing an additional 15,947 shares during the period. Freemont Management S.A. acquired a new position in shares of Symbotic in the 1st quarter worth $1,479,000. Finally, ARK Investment Management LLC grew its holdings in shares of Symbotic by 106.9% in the 1st quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock worth $7,948,000 after acquiring an additional 203,226 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.

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