Symbotic (NASDAQ:SYM) Stock Price Up 4% - Still a Buy?

Key Points

• Shares of Symbotic Inc. rose by 4% during trading on Tuesday, reaching a high of $47.72, though the trading volume significantly declined by 82% compared to its average.
• Analysts have mixed ratings on Symbotic, with Needham & Company raising their price target to $57.00 while Baird R W downgraded it to a "hold," leading to an average rating of "hold" and a target price of $43.44.
• The company's recent quarterly earnings showed revenue of $592.12 million, surpassing expectations, yet it reported a loss of ($0.05) EPS, missing analysts' consensus of $0.03 EPS.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) rose 4% during trading on Tuesday . The stock traded as high as $47.72 and last traded at $47.59. Approximately 362,307 shares traded hands during trading, a decline of 82% from the average daily volume of 1,983,588 shares. The stock had previously closed at $45.74.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on SYM shares. Needham & Company LLC raised their target price on shares of Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Northland Securities boosted their target price on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Baird R W cut Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Arete cut Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price on the stock. in a report on Friday, July 25th. Finally, Robert W. Baird lowered Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price target on the stock. in a research note on Thursday, August 7th. Six investment 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. Based on data from MarketBeat, Symbotic currently has an average rating of "Hold" and an average target price of $43.44.

Symbotic Stock Up 4.3%

The company has a market capitalization of $28.16 billion, a P/E ratio of -681.55 and a beta of 2.06. The company has a 50-day moving average of $47.47 and a two-hundred day moving average of $32.30.

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

Insider Activity

In other news, Director Todd Krasnow sold 30,000 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $51.54, for a total transaction of $1,546,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William M. Boyd III sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $49.00, for a total transaction of $1,225,000.00. Following the transaction, the insider directly owned 34,544 shares of the company's stock, valued at $1,692,656. The trade was a 41.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 264,632 shares of company stock valued at $13,618,791 over the last three months. Corporate insiders own 0.60% of the company's stock.

Institutional Trading of Symbotic

A number of hedge funds have recently bought and sold shares of the company. Private Trust Co. NA increased its position in Symbotic by 10.0% during the second quarter. Private Trust Co. NA now owns 2,200 shares of the company's stock valued at $85,000 after acquiring an additional 200 shares during the last quarter. Farther Finance Advisors LLC increased its position in Symbotic by 24.0% during the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock valued at $69,000 after acquiring an additional 342 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in Symbotic by 7.1% during the second quarter. PNC Financial Services Group Inc. now owns 6,354 shares of the company's stock valued at $247,000 after purchasing an additional 422 shares during the period. Main Management ETF Advisors LLC grew its holdings in Symbotic by 1.7% during the second quarter. Main Management ETF Advisors LLC now owns 29,320 shares of the company's stock valued at $1,139,000 after purchasing an additional 480 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in Symbotic by 81.5% during the second quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock valued at $50,000 after purchasing an additional 573 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.

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