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

Symbotic Inc. (NASDAQ:SYM)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $38.78, but opened at $40.65. Symbotic shares last traded at $38.55, with a volume of 400,504 shares trading hands.

Analysts Set New Price Targets

SYM has been the topic of several recent analyst reports. Craig Hallum cut their target price on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Citigroup reduced their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. KeyCorp raised their price target on Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. BWS Financial restated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $44.31.

Symbotic Stock Performance

The stock has a market cap of $21.94 billion, a PE ratio of -646.33 and a beta of 1.81. The firm has a 50-day moving average price of $28.43 and a 200-day moving average price of $30.90.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting the consensus estimate of $0.05. The company had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The firm’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.08) earnings per share. As a group, sell-side analysts anticipate that Symbotic Inc. will post 0.36 EPS for the current fiscal year.

Insider Activity

In other Symbotic news, insider Michael David Dunn sold 5,266 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total value of $125,383.46. Following the transaction, the insider now directly owns 85,224 shares of the company’s stock, valued at approximately $2,029,183.44. This trade represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $23.96, for a total transaction of $47,920.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at $47,920. This trade represents a 50.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,878 shares of company stock valued at $1,378,056 over the last three months. Insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Castleview Partners LLC increased its stake in Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after buying an additional 500 shares in the last quarter. RFP Financial Group LLC boosted its stake in Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after purchasing an additional 310 shares during the period. Quarry LP bought a new stake in shares of Symbotic during the second quarter valued at approximately $65,000. Arcadia Investment Management Corp MI bought a new position in shares of Symbotic during the third quarter worth $49,000. Finally, RiverPark Advisors LLC grew its stake in Symbotic by 147.1% during the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after acquiring an additional 1,211 shares in 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.