Symbotic (NASDAQ:SYM) Shares Gap Up – Should You Buy?

Symbotic Inc. (NASDAQ:SYM)’s share price gapped up before the market opened on Monday . The stock had previously closed at $25.64, but opened at $26.95. Symbotic shares last traded at $27.30, with a volume of 426,654 shares changing hands.

Analyst Ratings Changes

Several research firms have commented on SYM. Needham & Company LLC dropped their target price on Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, November 19th. BWS Financial reiterated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. Craig Hallum downgraded Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price target on the stock. in a research note on Wednesday, November 27th. Finally, UBS Group lowered their price objective on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $40.71.

Symbotic Stock Performance

The business has a 50 day moving average of $28.47 and a two-hundred day moving average of $27.84. The stock has a market capitalization of $15.54 billion, a PE ratio of -440.83 and a beta of 1.76.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. The business had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The company’s quarterly revenue was up 47.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.08) earnings per share. On average, equities analysts expect that Symbotic Inc. will post 0.12 EPS for the current fiscal year.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Michael David Dunn sold 1,715 shares of the business’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $28.77, for a total value of $49,340.55. Following the completion of the transaction, the insider now directly owns 87,922 shares of the company’s stock, valued at approximately $2,529,515.94. The trade was a 1.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total transaction of $48,080.00. Following the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $5,145,425.44. This trade represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,844 shares of company stock worth $3,268,431. Company insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Castleview Partners LLC grew its stake in Symbotic by 50.0% during the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after acquiring an additional 500 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Symbotic by 8.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after acquiring an additional 679 shares during the last quarter. Van ECK Associates Corp increased its position in Symbotic by 28.4% during the third quarter. Van ECK Associates Corp now owns 3,497 shares of the company’s stock worth $85,000 after purchasing an additional 774 shares during the last quarter. National Bank of Canada FI boosted its holdings in Symbotic by 36.8% in the 3rd quarter. National Bank of Canada FI now owns 3,557 shares of the company’s stock valued at $87,000 after purchasing an additional 957 shares during the last quarter. Finally, RiverPark Advisors LLC increased its holdings in shares of Symbotic by 147.1% during the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after buying an additional 1,211 shares during 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.