Symbotic Inc. (NASDAQ:SYM) Receives Average Rating of “Moderate Buy” from Brokerages

Symbotic Inc. (NASDAQ:SYM) has been assigned a consensus rating of “Moderate Buy” from the fourteen brokerages that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and ten have given a buy recommendation to the company. The average 12-month target price among analysts that have covered the stock in the last year is $43.23.

SYM has been the subject of a number of research reports. TD Cowen cut their target price on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Citigroup cut their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Robert W. Baird lowered their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. KeyCorp cut their price target on Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Finally, Vertical Research initiated coverage on Symbotic in a research note on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price objective on the stock.

Insiders Place Their Bets

In related news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the completion of the sale, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $4,013,175. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Michael David Dunn sold 1,895 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $36.56, for a total transaction of $69,281.20. Following the completion of the transaction, the insider now directly owns 77,326 shares in the company, valued at approximately $2,827,038.56. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the sale, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $4,013,175. The disclosure for this sale can be found here. Insiders sold a total of 38,909 shares of company stock worth $1,148,358 in the last 90 days. 38.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. boosted its holdings in Symbotic by 12.4% in the second quarter. Baillie Gifford & Co. now owns 10,660,949 shares of the company’s stock worth $374,839,000 after purchasing an additional 1,177,578 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares during the period. 1832 Asset Management L.P. grew its position in shares of Symbotic by 189.5% during the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after buying an additional 690,900 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares during the period. Finally, Raymond James & Associates raised its stake in Symbotic by 8.4% during the second quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock worth $23,491,000 after acquiring an additional 51,712 shares during the period.

Symbotic Price Performance

SYM opened at $19.38 on Thursday. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82. The stock has a market capitalization of $11.33 billion, a P/E ratio of -80.75 and a beta of 1.81. The business has a 50 day simple moving average of $27.51 and a 200-day simple moving average of $36.44.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The company had revenue of $491.86 million during the quarter, compared to analyst estimates of $464.56 million. During the same quarter last year, the business earned ($0.07) EPS. The firm’s revenue for the quarter was up 57.7% on a year-over-year basis. Research analysts anticipate that Symbotic will post -0.08 EPS for the current year.

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.