Symbotic (NASDAQ:SYM) Shares Up 9.2% – Still a Buy?

Symbotic Inc. (NASDAQ:SYM) shares were up 9.2% during trading on Friday . The stock traded as high as $39.86 and last traded at $39.60. Approximately 1,155,522 shares changed hands during trading, a decline of 28% from the average daily volume of 1,615,177 shares. The stock had previously closed at $36.27.

Analyst Ratings Changes

Several research analysts have recently weighed in on SYM shares. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. TD Cowen decreased their target price on Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Craig Hallum dropped their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Needham & Company LLC lifted their price target on shares of Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Finally, The Goldman Sachs Group lowered their price objective on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.31.

Symbotic Trading Up 6.9 %

The firm has a 50 day moving average price of $28.43 and a 200 day moving average price of $31.13. The stock has a market capitalization of $22.71 billion, a PE ratio of -646.42 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The business had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter in the prior year, the business posted ($0.08) earnings per share. The business’s quarterly revenue was up 47.2% on a year-over-year basis. On average, equities research analysts expect that Symbotic Inc. will post 0.32 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the sale, the chief financial officer now owns 34,188 shares in the company, valued at approximately $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $28.15, for a total value of $56,300.00. Following the sale, the director now directly owns 214,036 shares in the company, valued at $6,025,113.40. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,878 shares of company stock worth $1,378,056. Company insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently modified their holdings of the stock. Barclays PLC boosted its position in shares of Symbotic by 1,105.9% during the third quarter. Barclays PLC now owns 9,346 shares of the company’s stock worth $228,000 after acquiring an additional 8,571 shares during the last quarter. TCW Group Inc. lifted its stake in Symbotic by 0.8% in the 3rd quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock worth $9,372,000 after purchasing an additional 3,075 shares in the last quarter. Sunbelt Securities Inc. boosted its holdings in shares of Symbotic by 161.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 13,330 shares of the company’s stock valued at $325,000 after purchasing an additional 8,235 shares during the last quarter. First Dallas Securities Inc. grew its position in shares of Symbotic by 61.2% during the third quarter. First Dallas Securities Inc. now owns 32,400 shares of the company’s stock valued at $790,000 after purchasing an additional 12,300 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Symbotic by 10.2% in the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after purchasing an additional 46,721 shares during 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.