Symbotic (NASDAQ:SYM) Shares Up 2.1% - Still a Buy?

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) rose 2.1% during mid-day trading on Thursday . The company traded as high as $48.39 and last traded at $48.14. Approximately 809,000 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 2,044,075 shares. The stock had previously closed at $47.16.

Wall Street Analyst Weigh In

SYM has been the subject of a number of research analyst reports. Arete Research upgraded shares of Symbotic to a "strong-buy" rating and set a $50.00 target price for the company in a research report on Wednesday, June 25th. Arete initiated coverage on shares of Symbotic in a research report on Wednesday, June 25th. They issued a "buy" rating and a $50.00 target price for the company. BWS Financial reiterated a "sell" rating and issued a $10.00 target price on shares of Symbotic in a research report on Wednesday, April 2nd. The Goldman Sachs Group cut their price target on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Finally, Citigroup cut their price target 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. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $39.59.

Symbotic Stock Performance

The business's 50 day moving average is $32.04 and its 200-day moving average is $26.89. The firm has a market capitalization of $28.19 billion, a price-to-earnings ratio of -1,195.25, a price-to-earnings-growth ratio of 49.12 and a beta of 2.03.

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

Insider Activity at Symbotic

In related news, CFO Carol J. Hibbard sold 4,628 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $22.62, for a total value of $104,685.36. Following the completion of the sale, the chief financial officer owned 54,011 shares in the company, valued at approximately $1,221,728.82. This trade represents a 7.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniela L. Rus sold 1,000 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $30.00, for a total transaction of $30,000.00. Following the completion of the sale, the director owned 26,435 shares of the company's stock, valued at approximately $793,050. The trade was a 3.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,616 shares of company stock worth $1,326,437 in the last three months. Corporate insiders own 0.60% of the company's stock.

Institutional Trading of Symbotic

Institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of 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 acquiring an additional 3,024 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of 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. Raymond James Financial Inc. acquired a new stake in shares of Symbotic during the 4th quarter valued at about $20,754,000. Cetera Investment Advisers boosted its position in shares of Symbotic by 5.7% during the 4th quarter. Cetera Investment Advisers now owns 24,621 shares of the company's stock valued at $584,000 after acquiring an additional 1,332 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Symbotic by 23.7% during the 4th quarter. Northern Trust Corp now owns 110,148 shares of the company's stock valued at $2,612,000 after acquiring an additional 21,077 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.