KeyCorp Reiterates “Sector Weight” Rating for Symbotic (NASDAQ:SYM)

Symbotic (NASDAQ:SYM)‘s stock had its “sector weight” rating reaffirmed by analysts at KeyCorp in a report released on Wednesday, Marketbeat Ratings reports.

Several other brokerages also recently issued reports on SYM. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a report on Tuesday, November 19th. TD Cowen raised their target price on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday. Robert W. Baird lowered their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Craig Hallum cut their price objective on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Finally, BWS Financial restated a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research report 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 issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $42.69.

Symbotic Price Performance

Symbotic stock opened at $24.00 on Wednesday. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82. The company has a fifty day moving average price of $28.94 and a two-hundred day moving average price of $30.72. The company has a market cap of $14.05 billion, a PE ratio of -400.00 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS 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 business had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same period in the previous year, the business posted ($0.08) EPS. The company’s quarterly revenue was up 47.2% on a year-over-year basis. Equities research analysts anticipate that Symbotic will post 0.2 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Michael David Dunn sold 5,266 shares of Symbotic 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 transaction, the insider now directly owns 85,224 shares of the company’s stock, valued at $2,029,183.44. The trade was a 5.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated 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 $4,013,175. The trade was a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock valued at $1,378,056 over the last quarter. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Sanctuary Advisors LLC bought a new stake in shares of Symbotic during the 3rd quarter worth $1,029,000. Barclays PLC lifted its holdings in shares of Symbotic by 1,105.9% during the third quarter. Barclays PLC now owns 9,346 shares of the company’s stock valued at $228,000 after purchasing an additional 8,571 shares during the last quarter. TCW Group Inc. boosted its position in shares of Symbotic by 0.8% in the 3rd quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock valued at $9,372,000 after purchasing an additional 3,075 shares during the period. Sunbelt Securities Inc. raised its holdings in Symbotic by 161.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 13,330 shares of the company’s stock worth $325,000 after buying an additional 8,235 shares during the period. Finally, First Dallas Securities Inc. lifted its stake in Symbotic by 61.2% during the third quarter. First Dallas Securities Inc. now owns 32,400 shares of the company’s stock valued at $790,000 after buying an additional 12,300 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.