Symbotic (NASDAQ:SYM) Trading Up 3% - Still a Buy?

Key Points

• Symbotic Inc. shares rose 3% to $53.73 amid increased trading volume, showing robust investor interest.
• Analysts have mixed ratings on the stock, with six rating it as a Buy and eleven as a Hold, reflecting cautious optimism amidst recent earnings performance.
• Insider selling activity included a significant sale by a major shareholder, indicating potential concerns about the company's stock outlook.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares were up 3% during trading on Monday . The company traded as high as $54.79 and last traded at $53.73. Approximately 2,181,303 shares changed hands during mid-day trading, an increase of 11% from the average daily volume of 1,973,983 shares. The stock had previously closed at $52.14.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Oppenheimer upped their price target on shares of Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Baird R W cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Northland Securities upped their price target on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Citigroup reiterated a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Finally, Arete Research cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Six research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $43.75.

Symbotic Stock Performance

The business's 50-day moving average price is $51.12 and its 200 day moving average price is $36.81. The company has a market cap of $31.73 billion, a P/E ratio of -767.46 and a beta of 2.05.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.08). The company had revenue of $592.12 million during the quarter, compared to the consensus estimate of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. Symbotic's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.02) earnings per share. Equities research analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insiders Place Their Bets

In other Symbotic news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $46.45, for a total transaction of $10,219,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Maria G. Freve sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $51.93, for a total transaction of $103,860.00. Following the completion of the sale, the insider owned 1,312 shares in the company, valued at approximately $68,132.16. The trade was a 60.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 483,032 shares of company stock valued at $23,897,448 over the last ninety days. 0.60% of the stock is owned by insiders.

Institutional Trading of Symbotic

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. American Trust acquired a new stake in Symbotic in the second quarter valued at $210,000. Total Investment Management Inc. acquired a new stake in Symbotic in the second quarter valued at $132,000. Thrivent Financial for Lutherans acquired a new stake in Symbotic in the second quarter valued at $245,000. FORA Capital LLC bought a new position in Symbotic during the 2nd quarter worth approximately $388,000. Finally, Headlands Technologies LLC raised its holdings in Symbotic by 199.8% during the 2nd quarter. Headlands Technologies LLC now owns 6,508 shares of the company's stock worth $253,000 after purchasing an additional 4,337 shares during 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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