Symbotic (NASDAQ:SYM) Stock Price Up 3% – Should You Buy?

Symbotic Inc. (NASDAQ:SYM) rose 3% during mid-day trading on Thursday . The stock traded as high as $64.95 and last traded at $63.51. Approximately 1,521,349 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 1,679,943 shares. The stock had previously closed at $61.65.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Needham & Company LLC increased their target price on Symbotic from $57.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. Citigroup upped their price target on shares of Symbotic from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, November 25th. The Goldman Sachs Group reiterated a “sell” rating and issued a $50.00 price objective on shares of Symbotic in a research report on Thursday, January 15th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Symbotic from $55.00 to $63.00 and gave the stock a “hold” rating in a research report on Tuesday, November 25th. Finally, Robert W. Baird lifted their price target on Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, November 26th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and a consensus price target of $56.79.

Symbotic Price Performance

The firm has a market capitalization of $36.72 billion, a P/E ratio of -413.87, a PEG ratio of 18.02 and a beta of 2.13. The firm’s fifty day moving average price is $64.46 and its 200-day moving average price is $59.83.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 24th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.11). The firm had revenue of $618.46 million for the quarter, compared to the consensus estimate of $604.00 million. Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.Symbotic’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.47 EPS. Analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In other news, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of Symbotic stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $53.21, for a total value of $186,235,000.00. Following the transaction, the insider owned 5,590,000 shares of the company’s stock, valued at $297,443,900. The trade was a 38.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider William M. Boyd III sold 15,000 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $69.00, for a total transaction of $1,035,000.00. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 7,065,981 shares of company stock valued at $377,394,265. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SYM. Allspring Global Investments Holdings LLC acquired a new stake in Symbotic during the 3rd quarter worth about $34,296,000. Franklin Resources Inc. boosted its holdings in shares of Symbotic by 3,188.8% in the third quarter. Franklin Resources Inc. now owns 274,155 shares of the company’s stock worth $14,777,000 after buying an additional 265,819 shares during the period. Handelsbanken Fonder AB boosted its holdings in shares of Symbotic by 626.4% in the third quarter. Handelsbanken Fonder AB now owns 274,178 shares of the company’s stock worth $14,778,000 after buying an additional 236,435 shares during the period. Voloridge Investment Management LLC purchased a new position in shares of Symbotic in the third quarter worth approximately $12,377,000. Finally, UBS Group AG raised its holdings in shares of Symbotic by 22.3% during the third quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock valued at $59,601,000 after acquiring an additional 201,547 shares during the period.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.