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

Symbotic Inc. (NASDAQ:SYM) gapped up prior to trading 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SYM shares. UBS Group dropped their price target on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. BWS Financial reiterated a “sell” rating and issued a $10.00 target price on shares of Symbotic in a report on Tuesday, November 19th. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Wednesday. TD Cowen lifted their price objective on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Symbotic presently has a consensus rating of “Hold” and a consensus price target of $40.71.

Symbotic Stock Up 3.4 %

The company’s fifty day moving average is $28.47 and its two-hundred day moving average is $27.84. The stock has a market cap of $15.54 billion, a price-to-earnings ratio of -440.83 and a beta of 1.76.

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

Insider Transactions at Symbotic

In related news, insider Michael David Dunn sold 1,715 shares of the firm’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 transaction of $49,340.55. Following the transaction, the insider now owns 87,922 shares in the company, valued at $2,529,515.94. This trade represents a 1.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Merline Saintil sold 5,250 shares of Symbotic stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $28.70, for a total value of $150,675.00. Following the transaction, the director now directly owns 74,562 shares in the company, valued at approximately $2,139,929.40. This trade represents a 6.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,844 shares of company stock valued at $3,268,431. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds have recently modified their holdings of the business. Castleview Partners LLC raised 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 during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Symbotic during the third quarter worth approximately $49,000. RiverPark Advisors LLC lifted its holdings in shares of Symbotic by 147.1% during the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after purchasing an additional 1,211 shares during the period. Quest Partners LLC grew its position in Symbotic by 19,307.7% in the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock valued at $62,000 after buying an additional 2,510 shares during the last quarter. Finally, Quarry LP acquired a new position in Symbotic in the 2nd quarter valued at $65,000.

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.