Symbotic (NASDAQ:SYM) Stock Price Up 4.5% - Time to Buy?

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price traded up 4.5% during trading on Wednesday . The stock traded as high as $41.73 and last traded at $41.47. 783,453 shares changed hands during trading, a decline of 61% from the average session volume of 1,996,431 shares. The stock had previously closed at $39.68.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Arete Research upgraded Symbotic to a "strong-buy" rating and set a $50.00 target price on the stock in a research report on Wednesday, June 25th. Arete assumed coverage on Symbotic in a research report on Wednesday, June 25th. They set a "buy" rating and a $50.00 target price on the stock. BWS Financial restated a "sell" rating and set a $10.00 target price on shares of Symbotic in a research report on Wednesday, April 2nd. Citigroup cut their target price on Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, The Goldman Sachs Group cut their target price on Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.71.

Symbotic Price Performance

The company has a market capitalization of $24.88 billion, a P/E ratio of -1,055.00, a price-to-earnings-growth ratio of 66.13 and a beta of 2.03. The firm has a fifty day moving average price of $28.58 and a 200-day moving average price of $25.85.

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

Insiders Place Their Bets

In other Symbotic news, CFO Carol J. Hibbard sold 4,628 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $22.62, for a total transaction of $104,685.36. Following the completion of the transaction, the chief financial officer directly owned 54,011 shares of the company's stock, valued at approximately $1,221,728.82. This represents a 7.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd Krasnow sold 5,940 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $26.38, for a total value of $156,697.20. The disclosure for this sale can be found here. In the last three months, insiders sold 46,616 shares of company stock valued at $1,175,537. Insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently bought and sold shares of the company. IFP Advisors Inc grew its holdings in Symbotic by 58.2% during the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company's stock valued at $32,000 after purchasing an additional 503 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Symbotic by 1.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 48,672 shares of the company's stock worth $1,154,000 after acquiring an additional 619 shares during the period. Swiss National Bank boosted its holdings in shares of Symbotic by 0.9% in the first quarter. Swiss National Bank now owns 82,400 shares of the company's stock worth $1,665,000 after acquiring an additional 700 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Symbotic by 4.6% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,208 shares of the company's stock worth $348,000 after acquiring an additional 757 shares during the period. Finally, Spire Wealth Management boosted its stake in Symbotic by 8.0% during the first quarter. Spire Wealth Management now owns 13,596 shares of the company's stock valued at $275,000 after buying an additional 1,012 shares during the period.

Symbotic Company Profile

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.