Symbotic (NASDAQ:SYM) Stock Price Up 4.4% - Time to Buy?

Key Points

• Symbotic Inc. (NASDAQ:SYM) saw its stock price rise by 4.4% to $52.92, though trading volume was down significantly compared to its average.
• The company received mixed reviews from analysts, with Oppenheimer upgrading the price target to $54.00, while Arete downgraded it to $50.00, resulting in a consensus rating of "Hold".
• Insiders have sold a total of 75,871 shares valued at approximately $2.79 million in the last 90 days, with significant sales from both an insider and the CFO.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price rose 4.4% on Wednesday . The stock traded as high as $53.89 and last traded at $52.92. Approximately 881,283 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 1,900,655 shares. The stock had previously closed at $50.71.

Analyst Upgrades and Downgrades

SYM has been the topic of several analyst reports. Oppenheimer reissued an "outperform" rating and issued a $54.00 target price (up previously from $35.00) on shares of Symbotic in a research note on Wednesday, July 16th. Arete downgraded 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. Northland Securities raised their price target on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Deutsche Bank Aktiengesellschaft downgraded 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, Arete Research downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $39.94.

Symbotic Price Performance

The stock has a market capitalization of $30.64 billion, a P/E ratio of -1,299.33, a price-to-earnings-growth ratio of 55.29 and a beta of 2.03. The company has a 50 day simple moving average of $38.76 and a 200-day simple moving average of $29.28.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $549.65 million during the quarter, compared to analysts' expectations of $522.36 million. During the same quarter last year, the firm posted ($0.07) earnings per share. Symbotic's revenue for the quarter was up 39.7% compared to the same quarter last year. As a group, equities analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, insider William M. Boyd III sold 25,000 shares of Symbotic stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $49.00, for a total transaction of $1,225,000.00. Following the completion of the sale, the insider 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Carol J. Hibbard sold 4,628 shares of Symbotic stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $22.62, for a total value of $104,685.36. Following the sale, the chief financial officer directly owned 54,011 shares of the company's stock, valued at approximately $1,221,728.82. This trade represents a 7.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,871 shares of company stock valued at $2,791,800 in the last ninety days. Corporate insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Symbotic

Several institutional investors have recently bought and sold shares of SYM. Commonwealth Equity Services LLC boosted its holdings in Symbotic by 1.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 48,672 shares of the company's stock valued at $1,154,000 after acquiring an additional 619 shares during the period. Sei Investments Co. purchased a new position in shares of Symbotic in the 4th quarter valued at approximately $1,383,000. KLP Kapitalforvaltning AS purchased a new position in shares of Symbotic in the 4th quarter valued at approximately $194,000. LPL Financial LLC raised its position in shares of Symbotic by 31.5% in the 4th quarter. LPL Financial LLC now owns 43,167 shares of the company's stock worth $1,023,000 after purchasing an additional 10,341 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Symbotic by 41.3% in the 4th quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock worth $117,846,000 after acquiring an additional 1,452,627 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.

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