Symbotic (NASDAQ:SYM) Trading 2.3% Higher - Still a Buy?

Key Points

• Symbotic Inc. shares rose 2.3% on Wednesday, with a notable trading volume of about 2.4 million shares, significantly above the average daily volume.
• Despite some analyst upgrades, Arete Research downgraded Symbotic from a "strong-buy" to a "hold" rating, indicating mixed sentiments about the stock's performance.
• The company recently reported a revenue increase of 25.9% year-over-year, although it missed earnings expectations for the quarter, revealing a negative EPS of ($0.05).

Symbotic Inc. (NASDAQ:SYM - Get Free Report) rose 2.3% on Wednesday . The company traded as high as $79.58 and last traded at $75.36. Approximately 2,430,205 shares changed hands during mid-day trading, an increase of 22% from the average daily volume of 1,983,982 shares. The stock had previously closed at $73.64.

Analyst Upgrades and Downgrades

SYM has been the subject of a number of research analyst reports. Arete Research downgraded shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Citigroup restated a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Weiss Ratings restated a "hold (c-)" rating on shares of Symbotic in a report on Wednesday, October 8th. Oppenheimer increased their price objective on shares of Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Symbotic from a "sell" rating to a "hold" rating in a report on Saturday. Seven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $44.61.

Symbotic Stock Up 2.3%

The company's fifty day moving average is $53.67 and its 200 day moving average is $40.02. The firm has a market cap of $44.50 billion, a price-to-earnings ratio of -1,076.42, a PEG ratio of 13.66 and a beta of 2.06.

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

Insider Activity at Symbotic

In other Symbotic news, insider William M. Boyd III sold 2,455 shares of Symbotic stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $50.58, for a total value of $124,173.90. Following the completion of the sale, the insider owned 29,429 shares in the company, valued at $1,488,518.82. The trade was a 7.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Todd Krasnow sold 4,000 shares of the firm's stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $67.02, for a total transaction of $268,080.00. The disclosure for this sale can be found here. Insiders have sold a total of 474,666 shares of company stock worth $23,978,967 in the last quarter. 0.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. IAG Wealth Partners LLC acquired a new stake in Symbotic during the 2nd quarter worth approximately $32,000. AdvisorNet Financial Inc bought a new stake in shares of Symbotic in the 2nd quarter valued at $32,000. Gables Capital Management Inc. bought a new stake in Symbotic during the 2nd quarter valued at $39,000. NewEdge Advisors LLC increased its stake in Symbotic by 81.5% during the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock valued at $50,000 after purchasing an additional 573 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Symbotic by 1,812.2% during the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock valued at $29,000 after purchasing an additional 1,341 shares in the last quarter.

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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