Symbotic Inc. (NASDAQ:SYM) Given Average Recommendation of “Moderate Buy” by Analysts

Symbotic Inc. (NASDAQ:SYM) has been given an average rating of “Moderate Buy” by the fourteen brokerages that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $42.54.

A number of research firms recently commented on SYM. Northland Securities lifted their price objective on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. Needham & Company LLC cut their price target on Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, November 19th. DA Davidson lowered Symbotic from a “buy” rating to a “neutral” rating and decreased their target price for the company from $50.00 to $35.00 in a research report on Wednesday, November 27th. Finally, BWS Financial reissued a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research report on Tuesday, November 19th.

Symbotic Price Performance

Shares of NASDAQ SYM opened at $23.99 on Friday. The business has a fifty day moving average price of $29.46 and a two-hundred day moving average price of $28.91. The stock has a market capitalization of $14.09 billion, a PE ratio of -399.83 and a beta of 1.73. Symbotic has a fifty-two week low of $17.11 and a fifty-two week high of $57.16.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. The firm 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 business’s revenue for the quarter was up 47.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.08) earnings per share. On average, equities analysts expect that Symbotic will post 0.12 EPS for the current year.

Insider Buying and Selling

In related news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $23.96, for a total value of $47,920.00. Following the sale, the director now directly owns 2,000 shares of the company’s stock, valued at $47,920. This trade represents a 50.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction of $125,383.46. Following the completion of the sale, the insider now directly owns 85,224 shares of the company’s stock, valued at approximately $2,029,183.44. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 111,745 shares of company stock worth $3,261,675. Insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

A number of hedge funds have recently modified their holdings of SYM. Baillie Gifford & Co. increased its holdings in shares of Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after acquiring an additional 3,410,050 shares in the last quarter. Thematics Asset Management grew its holdings in shares of Symbotic by 30.1% in the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after acquiring an additional 242,661 shares during the period. Exchange Traded Concepts LLC increased its holdings in Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after buying an additional 379,726 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after purchasing an additional 509,700 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Symbotic by 10.2% during the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock valued at $12,290,000 after purchasing an additional 46,721 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.