Symbotic (NASDAQ:SYM) Shares Up 7.8% - Time to Buy?

Key Points

• Symbotic Inc. shares surged by 7.8%, trading between $58.10 and $58.96, with a substantial trading volume of over 2 million shares, indicating strong market interest.
• Recent analyst ratings show mixed sentiments, with Arete downgrading the stock from "buy" to "neutral" and a consensus rating of "Hold" with an average target price of $43.75.
• Despite the stock’s recent performance, Symbotic reported a loss of ($0.05) earnings per share for its last quarter, missing estimates, but its revenue increased by 25.9% year-over-year, totaling $592.12 million.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares shot up 7.8% on Wednesday . The company traded as high as $58.96 and last traded at $58.10. 2,068,399 shares changed hands during mid-day trading, an increase of 5% from the average session volume of 1,968,063 shares. The stock had previously closed at $53.90.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on SYM shares. Arete downgraded shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price on the stock. in a research note on Friday, July 25th. Zacks Research downgraded shares of Symbotic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. DA Davidson reissued a "neutral" rating and issued a $47.00 target price (up previously from $35.00) on shares of Symbotic in a research note on Monday, August 25th. Northland Securities raised their target price on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, Baird R W downgraded shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $43.75.

Symbotic Stock Performance

The company's fifty day moving average price is $51.21 and its 200 day moving average price is $36.93. The firm has a market capitalization of $34.31 billion, a price-to-earnings ratio of -829.88 and a beta of 2.05.

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

Insider Activity

In other Symbotic news, insider William M. Boyd III sold 25,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $59.00, for a total transaction of $1,475,000.00. Following the completion of the transaction, the insider directly owned 31,884 shares of the company's stock, valued at $1,881,156. The trade was a 43.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles Kane sold 25,000 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the transaction, the director directly owned 79,507 shares of the company's stock, valued at $3,786,123.34. The trade was a 23.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 483,032 shares of company stock worth $23,897,448 over the last three months. Insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Symbotic by 16.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock worth $27,155,000 after buying an additional 187,538 shares in the last quarter. Raymond James Financial Inc. lifted its stake in Symbotic by 12.1% during the first quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock valued at $19,824,000 after purchasing an additional 105,616 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in Symbotic by 18.0% during the first quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company's stock valued at $13,758,000 after purchasing an additional 104,068 shares during the last quarter. TCW Group Inc. raised its holdings in shares of Symbotic by 1.8% during the first quarter. TCW Group Inc. now owns 593,442 shares of the company's stock valued at $11,993,000 after acquiring an additional 10,487 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Symbotic by 0.9% during the second quarter. Geode Capital Management LLC now owns 551,216 shares of the company's stock valued at $21,419,000 after acquiring an additional 4,892 shares during the period.

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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