Symbotic (NASDAQ:SYM) Trading 3.7% Higher - Time to Buy?

Key Points

• Symbotic Inc. shares increased by 3.7% in mid-day trading, reaching a high of $51.27 before settling at $50.25.
• Analysts have mixed ratings on the stock, with six analysts rating it as Buy, while others have downgraded it to Hold or Sell, leading to a consensus price target of $43.44.
• The company reported a 25.9% year-over-year increase in revenue for the quarter, though it posted a loss of ($0.05) EPS, missing consensus estimates.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price traded up 3.7% on Wednesday . The stock traded as high as $51.27 and last traded at $50.25. 481,472 shares traded hands during trading, a decline of 75% from the average session volume of 1,945,978 shares. The stock had previously closed at $48.48.

Analyst Ratings Changes

Several analysts have weighed in on the company. Needham & Company LLC boosted their price objective on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. DA Davidson reissued a "neutral" rating and set a $47.00 price objective (up from $35.00) on shares of Symbotic in a report on Monday, August 25th. Arete cut Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target for the company. in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft cut Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price target for the company. in a research note on Friday, July 18th. Finally, Wall Street Zen cut Symbotic from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Six analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $43.44.

Symbotic Trading Down 2.1%

The business has a 50 day moving average of $50.25 and a 200-day moving average of $34.06. The firm has a market capitalization of $28.26 billion, a P/E ratio of -683.55 and a beta of 2.05.

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

Insider Activity

In other Symbotic news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $46.45, for a total transaction of $10,219,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles Kane sold 25,000 shares of the company's stock in a transaction that occurred on 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 transaction, the director directly owned 79,507 shares of the company's stock, valued at approximately $3,786,123.34. This trade represents a 23.92% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 484,632 shares of company stock worth $23,901,751. 0.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Symbotic

Several large investors have recently made changes to their positions in the stock. American Trust acquired a new stake in shares of Symbotic in the 2nd quarter valued at approximately $210,000. Total Investment Management Inc. acquired a new stake in shares of Symbotic in the 2nd quarter valued at approximately $132,000. Thrivent Financial for Lutherans acquired a new stake in shares of Symbotic in the 2nd quarter valued at approximately $245,000. FORA Capital LLC acquired a new stake in shares of Symbotic in the 2nd quarter valued at approximately $388,000. Finally, Headlands Technologies LLC boosted its holdings in shares of Symbotic by 199.8% in the 2nd quarter. Headlands Technologies LLC now owns 6,508 shares of the company's stock valued at $253,000 after buying an additional 4,337 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.