Symbotic (NASDAQ:SYM) Trading Up 10.6% - Still a Buy?

Key Points

• Symbotic's stock price saw a 10.6% increase during mid-day trading, reaching a high of $72.11, after previously closing at $63.76.
• Research analysts have a consensus average rating of Hold on Symbotic, with target price estimates ranging from $35.00 to $59.00.
• The company reported a revenue of $592.12 million for the quarter, surpassing analyst expectations, though it missed earnings per share estimates.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price was up 10.6% during mid-day trading on Monday . The stock traded as high as $72.11 and last traded at $70.51. Approximately 1,950,845 shares changed hands during trading, a decline of 1% from the average daily volume of 1,976,957 shares. The stock had previously closed at $63.76.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on SYM shares. DA Davidson reaffirmed a "neutral" rating and set a $47.00 target price (up from $35.00) on shares of Symbotic in a research report on Monday, August 25th. Northland Securities upped their target price on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. UBS Group reaffirmed a "sell" rating and set a $35.00 target price (up from $27.00) on shares of Symbotic in a research report on Tuesday, September 23rd. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Symbotic in a research report on Wednesday, October 8th. Finally, Oppenheimer boosted their price target on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Symbotic presently has an average rating of "Hold" and a consensus target price of $44.61.

Symbotic Stock Performance

The company has a 50 day simple moving average of $53.19 and a two-hundred day simple moving average of $39.43. The firm has a market cap of $41.64 billion, a PE ratio of -1,007.14, a P/E/G ratio of 12.36 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its 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). Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The company had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. During the same quarter in the previous year, the company earned ($0.02) EPS. The firm's quarterly revenue was up 25.9% compared to the same quarter last year. As a group, research analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In other news, major shareholder David A. Ladensohn sold 23,000 shares of the company's stock in a transaction dated Thursday, October 9th. The stock was sold at an average price of $66.75, for a total value of $1,535,250.00. Following the sale, the insider owned 5,000 shares in the company, valued at $333,750. This represents a 82.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Todd Krasnow sold 4,000 shares of the company's stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $67.02, for a total value of $268,080.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 478,326 shares of company stock valued at $24,157,264. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.