Symbotic (NASDAQ:SYM) Sees Unusually-High Trading Volume – Still a Buy?

Symbotic Inc. (NASDAQ:SYM) saw unusually-strong trading volume on Monday . Approximately 2,777,618 shares were traded during trading, an increase of 59% from the previous session’s volume of 1,741,514 shares.The stock last traded at $26.21 and had previously closed at $26.90.

Analyst Ratings Changes

A number of equities analysts have issued reports on SYM shares. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. BWS Financial reaffirmed a “sell” rating and set a $10.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. Craig Hallum downgraded shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective on the stock. in a report on Wednesday, November 27th. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research note on Tuesday, November 19th. Finally, Northland Securities lifted their target price on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Symbotic has an average rating of “Moderate Buy” and an average target price of $42.69.

Symbotic Stock Performance

The stock has a 50 day moving average of $28.97 and a 200-day moving average of $30.40. The firm has a market capitalization of $15.52 billion, a P/E ratio of -431.17 and a beta of 1.81.

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. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The firm had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. During the same period in the prior year, the business posted ($0.08) earnings per share. The company’s revenue was up 47.2% on a year-over-year basis. As a group, sell-side analysts expect that Symbotic Inc. will post 0.2 EPS for the current year.

Insider Transactions at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value 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. The trade was a 40.03 % decrease in their ownership of the stock. The sale 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 the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the sale, the director now owns 214,036 shares of the company’s stock, valued at $4,013,175. The trade was a 0.93 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 49,878 shares of company stock valued at $1,378,056. 38.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Vanguard Group Inc. increased its holdings in shares of Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after acquiring an additional 345,386 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Symbotic by 4.5% during the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after acquiring an additional 654 shares in the last quarter. Comerica Bank increased its holdings in shares of Symbotic by 1,347.0% during the first quarter. Comerica Bank now owns 16,641 shares of the company’s stock valued at $749,000 after acquiring an additional 15,491 shares in the last quarter. Cetera Advisors LLC increased its holdings in Symbotic by 11.2% in the 1st quarter. Cetera Advisors LLC now owns 8,372 shares of the company’s stock worth $377,000 after buying an additional 841 shares in the last quarter. Finally, Register Financial Advisors LLC increased its holdings in Symbotic by 268.8% in the 2nd quarter. Register Financial Advisors LLC now owns 41,300 shares of the company’s stock worth $1,452,000 after buying an additional 30,100 shares in 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.