Symbotic (NASDAQ:SYM) Trading Up 1.5% - Time to Buy?

Key Points

• Symbotic's stock price increased by 1.5% during Friday's trading, closing at $45.89 after a previous close of $45.22.
• Recent analyst ratings for Symbotic show a mix, with Arete downgrading the stock to "neutral" while Needham & Company raised their target price to $57.00 with a "buy" rating.
• In the most recent quarter, Symbotic reported revenue of $592.12 million, exceeding estimates and indicating a 25.9% year-over-year growth, despite posting a loss of ($0.05) EPS.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price was up 1.5% during trading on Friday . The stock traded as high as $46.42 and last traded at $45.89. Approximately 424,940 shares traded hands during trading, a decline of 78% from the average daily volume of 1,954,162 shares. The stock had previously closed at $45.22.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Arete cut shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target on the stock. in a report on Friday, July 25th. Needham & Company LLC upped their price target 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. Wall Street Zen cut shares of Symbotic from a "hold" rating to a "sell" rating in a research note on Saturday, August 30th. Robert W. Baird lowered shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price for the company. in a research note on Thursday, August 7th. Finally, Citigroup restated a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. Six analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $43.44.

Symbotic Trading Up 6.7%

The company has a market cap of $28.49 billion, a P/E ratio of -689.19 and a beta of 2.05. The company has a 50 day moving average price of $49.52 and a 200-day moving average price of $33.29.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $533.55 million. During the same period in the prior year, the firm posted ($0.02) earnings per share. The business's revenue for the quarter was up 25.9% on a year-over-year basis. Equities analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other Symbotic news, Director Rollin L. Ford sold 90,000 shares of Symbotic stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total value of $4,641,300.00. Following the transaction, the director directly owned 14,507 shares of the company's stock, valued at approximately $748,125.99. The trade was a 86.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles Kane sold 25,000 shares of the business's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the transaction, the director owned 79,507 shares of the company's stock, valued at $3,786,123.34. This represents a 23.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 484,632 shares of company stock worth $23,837,791 in the last three months. Corporate insiders own 0.60% of the company's stock.

Institutional Trading of Symbotic

Several institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC lifted its position in shares of Symbotic by 40.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company's stock worth $85,000 after purchasing an additional 1,018 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Symbotic by 23.7% during the fourth quarter. Northern Trust Corp now owns 110,148 shares of the company's stock valued at $2,612,000 after buying an additional 21,077 shares during the period. Bayesian Capital Management LP acquired a new position in Symbotic during the fourth quarter worth approximately $218,000. Bridgefront Capital LLC acquired a new stake in shares of Symbotic in the fourth quarter worth $238,000. Finally, Cetera Investment Advisers boosted its stake in Symbotic by 5.7% during the 4th quarter. Cetera Investment Advisers now owns 24,621 shares of the company's stock valued at $584,000 after acquiring an additional 1,332 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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