Symbotic (NASDAQ:SYM) Stock Price Up 1.3% – Should You Buy?

Symbotic Inc. (NASDAQ:SYM)’s share price rose 1.3% on Monday . The company traded as high as $75.50 and last traded at $70.72. Approximately 1,228,985 shares were traded during trading, a decline of 38% from the average daily volume of 1,992,973 shares. The stock had previously closed at $69.80.

Analysts Set New Price Targets

SYM has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft lowered Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price target for the company. in a report on Friday, July 18th. Wall Street Zen upgraded Symbotic from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Baird R W downgraded shares of Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 7th. Oppenheimer increased their price target on Symbotic from $54.00 to $59.00 and gave the company an “outperform” rating in a report on Thursday, August 7th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Symbotic in a research note on Wednesday, October 8th. Seven research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $44.61.

Symbotic Stock Performance

The business’s fifty day moving average price is $61.66 and its two-hundred day moving average price is $46.95. The firm has a market capitalization of $41.76 billion, a P/E ratio of -1,010.14, a PEG ratio of 11.75 and a beta of 2.10.

Insiders Place Their Bets

In related news, major shareholder David A. Ladensohn sold 23,000 shares of the business’s stock in a transaction on Thursday, October 9th. The stock was sold at an average price of $66.75, for a total transaction of $1,535,250.00. Following the transaction, the insider directly owned 5,000 shares in the company, valued at $333,750. The trade was a 82.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Todd Krasnow sold 30,000 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $51.54, for a total value of $1,546,200.00. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 433,494 shares of company stock valued at $22,365,874. 0.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Amanah Holdings Trust purchased a new stake in shares of Symbotic during the second quarter valued at $19,824,000. Amundi grew its stake in Symbotic by 53.0% during the 1st quarter. Amundi now owns 72,192 shares of the company’s stock valued at $1,459,000 after purchasing an additional 24,993 shares during the last quarter. ARK Investment Management LLC increased its holdings in shares of Symbotic by 13.3% in the second quarter. ARK Investment Management LLC now owns 445,498 shares of the company’s stock valued at $17,308,000 after purchasing an additional 52,205 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Symbotic by 35.7% in the first quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company’s stock worth $1,224,000 after purchasing an additional 15,947 shares during the last quarter. Finally, Freemont Management S.A. acquired a new stake in shares of Symbotic during the first quarter worth about $1,479,000.

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.