Symbotic (NASDAQ:SYM) Stock Price Up 4.3% – Time to Buy?

Symbotic Inc. (NASDAQ:SYM)’s stock price shot up 4.3% on Monday . The company traded as high as $25.17 and last traded at $25.03. 468,186 shares were traded during mid-day trading, a decline of 74% from the average session volume of 1,816,539 shares. The stock had previously closed at $23.99.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on SYM shares. The Goldman Sachs Group lowered their price objective on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 4th. KeyCorp reiterated a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. Craig Hallum lowered Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective for the company. in a report on Wednesday, November 27th. DA Davidson lowered Symbotic from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $50.00 to $35.00 in a report on Wednesday, November 27th. Finally, Northland Securities upped their price target on shares of Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.54.

Symbotic Stock Performance

The company has a 50 day moving average of $29.46 and a 200 day moving average of $28.77. The firm has a market cap of $14.88 billion, a P/E ratio of -422.17 and a beta of 1.73.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The company had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same quarter last year, the firm posted ($0.08) earnings per share. The company’s quarterly revenue was up 47.2% compared to the same quarter last year. As a group, analysts expect that Symbotic Inc. will post 0.12 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Michael David Dunn sold 63,867 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $30.08, for a total value of $1,921,119.36. Following the sale, the insider now directly owns 24,055 shares in the company, valued at approximately $723,574.40. This represents a 72.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.33, for a total value of $250,040.58. Following the transaction, the insider now owns 23,012 shares of the company’s stock, valued at $651,929.96. This trade represents a 27.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,745 shares of company stock valued at $3,261,675 over the last three months. 38.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Several large investors have recently made changes to their positions in the company. Baillie Gifford & Co. boosted its position in Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after buying an additional 3,410,050 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares in the last quarter. Exchange Traded Concepts LLC boosted its holdings in shares of Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after acquiring an additional 379,726 shares in the last quarter. Millennium Management LLC grew its position in Symbotic by 6,694.5% during the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after acquiring an additional 330,709 shares during the last quarter. Finally, Thematics Asset Management increased its holdings in Symbotic by 30.1% during the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after purchasing an additional 242,661 shares in 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.