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

Symbotic Inc. (NASDAQ:SYM) has earned a consensus recommendation of “Moderate Buy” from the fourteen research firms that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company. The average 1 year target price among brokers that have covered the stock in the last year is $43.23.

SYM has been the topic of several research analyst reports. The Goldman Sachs Group dropped their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Northland Securities cut their price target on Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, July 30th. TD Cowen reduced their price objective 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. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research report on Friday, October 11th. Finally, BWS Financial reaffirmed a “sell” rating and set a $10.00 target price on shares of Symbotic in a report on Friday, October 11th.

Symbotic Stock Performance

NASDAQ:SYM opened at $27.79 on Friday. Symbotic has a 52-week low of $17.11 and a 52-week high of $59.82. The company has a market cap of $16.27 billion, a P/E ratio of -146.26 and a beta of 1.84. The stock’s 50-day simple moving average is $24.21 and its 200 day simple moving average is $31.95.

Symbotic (NASDAQ:SYM) last released 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). The company had revenue of $491.86 million during the quarter, compared to analyst estimates of $464.56 million. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. During the same period in the previous year, the company posted ($0.07) EPS. The company’s quarterly revenue was up 57.7% compared to the same quarter last year. As a group, equities analysts predict that Symbotic will post -0.08 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the transaction, the director now directly owns 214,036 shares in the company, valued at approximately $4,013,175. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Symbotic news, insider Michael David Dunn sold 5,266 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total transaction of $125,383.46. Following the sale, the insider now directly owns 85,224 shares of the company’s stock, valued at $2,029,183.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction, the director now directly owns 214,036 shares of the company’s stock, valued at $4,013,175. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,057 shares of company stock valued at $1,025,680 in the last quarter. Insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently made changes to their positions in the stock. RiverPark Advisors LLC bought a new position in Symbotic during the first quarter worth $37,000. Castleview Partners LLC raised its position in shares of Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after acquiring an additional 500 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Symbotic in the 3rd quarter valued at about $49,000. RFP Financial Group LLC boosted its position in shares of Symbotic by 22.4% during the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after purchasing an additional 310 shares in the last quarter. Finally, Quarry LP acquired a new stake in Symbotic during the second quarter worth approximately $65,000.

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.