Symbotic (NASDAQ:SYM) Shares Up 1.4% - Still a Buy?

Key Points

• Symbotic Inc. (NASDAQ:SYM) shares rose 1.4% to $48.65, although trading volume saw a significant decline of 80% from the average volume.
• Wall Street analysts have mixed opinions on the stock, with price targets recently raised by firms like Northland Securities and Needham, while Zacks Research downgraded it to a "strong sell."
• The company reported a quarterly loss of ($0.05) EPS, missing expectations, but revenue increased by 25.9% year-over-year to $592.12 million.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) shot up 1.4% on Wednesday . The company traded as high as $49.00 and last traded at $48.65. 394,010 shares were traded during trading, a decline of 80% from the average session volume of 1,980,125 shares. The stock had previously closed at $47.99.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SYM. Northland Securities raised their price objective on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Oppenheimer raised their price objective on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Zacks Research downgraded Symbotic from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Deutsche Bank Aktiengesellschaft downgraded Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price target for the company. in a report on Friday, July 18th. Finally, Needham & Company LLC raised their price target on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Six analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $43.44.

Symbotic Price Performance

The firm has a market cap of $28.44 billion, a price-to-earnings ratio of -686.19 and a beta of 2.06. The firm has a fifty day simple moving average of $47.81 and a two-hundred day simple moving average of $32.41.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.08). The business had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.Symbotic's revenue was up 25.9% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.02) EPS. Equities analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In other news, Director Charles Kane sold 25,000 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total value of $1,190,500.00. Following the completion of the transaction, the director directly owned 79,507 shares in the company, valued at $3,786,123.34. This trade represents a 23.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $46.45, for a total value of $10,219,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 484,632 shares of company stock valued at $23,837,791. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Walmart Inc. purchased a new stake in shares of Symbotic in the fourth quarter valued at approximately $355,650,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Symbotic by 16.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock valued at $27,155,000 after buying an additional 187,538 shares in the last quarter. Raymond James Financial Inc. increased its position in shares of Symbotic by 12.1% in the first quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock valued at $19,824,000 after buying an additional 105,616 shares in the last quarter. Exchange Traded Concepts LLC increased its position in shares of Symbotic by 18.0% in the first quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company's stock valued at $13,758,000 after buying an additional 104,068 shares in the last quarter. Finally, TCW Group Inc. increased its position in shares of Symbotic by 1.8% in the first quarter. TCW Group Inc. now owns 593,442 shares of the company's stock valued at $11,993,000 after buying an additional 10,487 shares in 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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