Symbotic (NASDAQ:SYM) Stock Price Up 4.1% – Still a Buy?

Shares of Symbotic Inc. (NASDAQ:SYM) rose 4.1% during trading on Wednesday . The stock traded as high as $26.83 and last traded at $26.63. Approximately 1,214,552 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 1,636,751 shares. The stock had previously closed at $25.59.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SYM. KeyCorp reiterated a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. The Goldman Sachs Group decreased their target price on Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 4th. Craig Hallum downgraded Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a research report on Wednesday, November 27th. Needham & Company LLC reduced their price target on shares of Symbotic from $46.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Finally, William Blair restated a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $40.71.

Symbotic Stock Down 3.3 %

The company has a market cap of $15.03 billion, a PE ratio of -426.50 and a beta of 1.76. The firm has a fifty day simple moving average of $28.32 and a 200-day simple moving average of $27.77.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. The business had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The company’s quarterly revenue was up 47.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.08) EPS. Equities research analysts forecast that Symbotic Inc. will post 0.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael David Dunn sold 5,365 shares of Symbotic stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $24.60, for a total value of $131,979.00. Following the transaction, the insider now directly owns 31,860 shares in the company, valued at $783,756. This trade represents a 14.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the transaction, the insider now owns 23,012 shares in the company, valued at approximately $651,929.96. This trade represents a 27.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,844 shares of company stock valued at $3,268,431 over the last quarter. 38.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Canada Pension Plan Investment Board lifted its stake in Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares in the last quarter. Geode Capital Management LLC increased its stake in Symbotic by 10.2% during the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after acquiring an additional 46,721 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Symbotic in the 3rd quarter worth about $1,029,000. Capital Market Strategies LLC acquired a new stake in Symbotic during the 4th quarter valued at $802,000. Finally, Baillie Gifford & Co. grew its stake in shares of Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after acquiring an additional 3,410,050 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.