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

Symbotic Inc. (NASDAQ:SYM) has been assigned a consensus rating of “Moderate Buy” from the fifteen ratings firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $52.50.

Several research firms have weighed in on SYM. BWS Financial assumed coverage on shares of Symbotic in a research note on Monday, July 22nd. They issued a “sell” rating and a $10.00 price target for the company. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. Robert W. Baird lifted their price objective on shares of Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. Needham & Company LLC restated a “buy” rating and set a $54.00 price target on shares of Symbotic in a report on Tuesday, May 7th. Finally, Craig Hallum boosted their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th.

Symbotic Stock Up 2.5 %

Shares of NASDAQ SYM opened at $38.80 on Wednesday. Symbotic has a twelve month low of $29.62 and a twelve month high of $64.14. The firm has a fifty day simple moving average of $37.73 and a 200 day simple moving average of $41.32. The company has a market capitalization of $22.68 billion, a PE ratio of -161.66 and a beta of 1.87.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, May 6th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.25. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. The business had revenue of $424.30 million during the quarter, compared to the consensus estimate of $415.98 million. As a group, equities analysts expect that Symbotic will post -0.03 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Michael David Dunn sold 1,200 shares of the business’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $44.02, for a total value of $52,824.00. Following the transaction, the insider now directly owns 70,832 shares in the company, valued at $3,118,024.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, major shareholder David A. Ladensohn sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $40.89, for a total value of $2,044,500.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Michael David Dunn sold 1,200 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $44.02, for a total transaction of $52,824.00. Following the completion of the sale, the insider now directly owns 70,832 shares in the company, valued at approximately $3,118,024.64. The disclosure for this sale can be found here. Insiders have sold a total of 143,281 shares of company stock worth $5,689,053 over the last three months. 38.30% of the stock is currently owned by insiders.

Institutional Trading of Symbotic

Several hedge funds and other institutional investors have recently modified their holdings of the business. Baillie Gifford & Co. raised its position in shares of Symbotic by 12.4% in the second quarter. Baillie Gifford & Co. now owns 10,660,949 shares of the company’s stock valued at $374,839,000 after purchasing an additional 1,177,578 shares during the period. Vanguard Group Inc. increased its holdings in Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after acquiring an additional 345,386 shares during the period. 1832 Asset Management L.P. increased its holdings in Symbotic by 189.5% during the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after acquiring an additional 690,900 shares during the period. Raymond James & Associates increased its holdings in Symbotic by 8.4% during the 2nd 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. Finally, First Trust Advisors LP increased its holdings in Symbotic by 44.0% during the 4th quarter. First Trust Advisors LP now owns 510,237 shares of the company’s stock worth $26,190,000 after acquiring an additional 155,828 shares during the period.

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.