Symbotic (NASDAQ:SYM) Stock Price Up 13.2% - Time to Buy?

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares rose 13.2% on Friday . The stock traded as high as $47.98 and last traded at $47.78. Approximately 4,966,957 shares changed hands during trading, an increase of 145% from the average daily volume of 2,028,369 shares. The stock had previously closed at $42.20.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Arete Research raised shares of Symbotic to a "strong-buy" rating and set a $50.00 price target on the stock in a report on Wednesday, June 25th. The Goldman Sachs Group decreased their target price on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Citigroup cut their price target on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating for the company in a report on Monday, April 14th. Arete assumed coverage on shares of Symbotic in a research report on Wednesday, June 25th. They set a "buy" rating and a $50.00 price target for the company. Finally, BWS Financial reiterated a "sell" rating and issued a $10.00 price objective on shares of Symbotic in a research report on Wednesday, April 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $38.71.

Symbotic Stock Performance

The stock has a market capitalization of $28.17 billion, a P/E ratio of -1,194.58, a price-to-earnings-growth ratio of 79.85 and a beta of 2.03. The firm has a 50-day moving average price of $29.52 and a 200 day moving average price of $26.11.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). The firm had revenue of $549.65 million during the quarter, compared to analysts' expectations of $522.36 million. Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The firm's quarterly revenue was up 39.7% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.07) EPS. On average, equities analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Daniela L. Rus sold 1,000 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $30.00, for a total transaction of $30,000.00. Following the completion of the sale, the director directly owned 26,435 shares in the company, valued at $793,050. This represents a 3.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Todd Krasnow sold 5,940 shares of the stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $26.38, for a total transaction of $156,697.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,616 shares of company stock worth $1,140,517. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently modified their holdings of the company. Walmart Inc. bought a new position in shares of Symbotic in the 4th quarter worth approximately $355,650,000. JPMorgan Chase & Co. raised its holdings in Symbotic by 100.6% in the fourth quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock worth $411,000 after purchasing an additional 3,110,075 shares in the last quarter. Vanguard Group Inc. raised its holdings in Symbotic by 41.3% in the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock worth $117,846,000 after purchasing an additional 1,452,627 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Symbotic during the fourth quarter valued at $20,754,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Symbotic during the 1st quarter valued at $4,968,000.

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.