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 changed hands during mid-day 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 Upgrades and Downgrades

SYM has been the topic of several research reports. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research report on Tuesday, November 19th. Needham & Company LLC dropped their price objective on shares of Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Craig Hallum cut shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a research note on Wednesday, November 27th. Finally, TD Cowen lifted their target price on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Price Performance

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

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data 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 negative net margin of 0.32% and a positive return on equity of 6.54%. The company had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same period in the prior year, the firm earned ($0.08) earnings per share. The company’s revenue was up 47.2% on a year-over-year basis. As a group, analysts forecast that Symbotic Inc. will post 0.2 EPS for the current fiscal year.

Insider Activity

In related news, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $28.33, for a total value of $250,040.58. Following the completion of the transaction, the insider now owns 23,012 shares in the company, valued at $651,929.96. This trade represents a 27.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of the firm’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 transaction of $660,896.16. Following the transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,878 shares of company stock worth $1,378,056. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Large investors have recently modified their holdings of the stock. Castleview Partners LLC grew its position in Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after purchasing an additional 500 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in Symbotic in the 3rd quarter valued at $49,000. RiverPark Advisors LLC grew its position in Symbotic by 147.1% in the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after purchasing an additional 1,211 shares during the period. RFP Financial Group LLC grew its position in Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after purchasing an additional 310 shares during the period. Finally, 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 purchasing an additional 2,510 shares during the period.

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.