Symbotic (NASDAQ:SYM) Shares Up 3.9% – Time to Buy?

Symbotic Inc. (NASDAQ:SYM) shares were up 3.9% on Thursday . The stock traded as high as $60.51 and last traded at $58.19. Approximately 2,305,292 shares traded hands during trading, an increase of 5% from the average daily volume of 2,199,554 shares. The stock had previously closed at $55.99.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SYM shares. Oppenheimer reissued an “outperform” rating and set a $83.00 target price on shares of Symbotic in a research report on Tuesday, November 25th. Cowen reissued a “buy” rating on shares of Symbotic in a report on Wednesday, December 3rd. Cantor Fitzgerald increased their price target on Symbotic from $60.00 to $82.00 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. Barclays lifted their price objective on shares of Symbotic from $38.00 to $41.00 and gave the stock an “underweight” rating in a report on Wednesday, November 26th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Symbotic in a report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and four 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 price target of $56.50.

Symbotic Price Performance

The stock has a market capitalization of $34.90 billion, a P/E ratio of -393.33, a price-to-earnings-growth ratio of 16.51 and a beta of 2.10. The company has a 50 day simple moving average of $67.58 and a 200-day simple moving average of $54.68.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 24th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.11). The business had revenue of $618.46 million for the quarter, compared to analysts’ expectations of $604.00 million. Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. Symbotic’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same period last year, the company earned $0.47 earnings per share. As a group, equities analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Group Corp. Softbank sold 3,500,000 shares of the business’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the sale, the insider directly owned 5,590,000 shares in the company, valued at approximately $297,443,900. The trade was a 38.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $53.21, for a total value of $186,235,000.00. Following the completion of the transaction, the insider owned 5,590,000 shares of the company’s stock, valued at approximately $297,443,900. This represents a 38.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 7,085,508 shares of company stock valued at $378,798,933 in the last 90 days. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. MAI Capital Management increased its stake in shares of Symbotic by 833.3% during the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after buying an additional 500 shares during the period. Ameriflex Group Inc. increased its position in Symbotic by 1,500.0% during the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after purchasing an additional 660 shares during the period. Strategic Advocates LLC purchased a new stake in shares of Symbotic in the 3rd quarter worth about $42,000. IAG Wealth Partners LLC bought a new stake in shares of Symbotic during the 2nd quarter valued at about $32,000. Finally, AdvisorNet Financial Inc purchased a new position in shares of Symbotic during the second quarter valued at about $32,000.

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.