Symbotic (NASDAQ:SYM) Earns “Overweight” Rating from Cantor Fitzgerald

Symbotic (NASDAQ:SYM)‘s stock had its “overweight” rating reiterated by Cantor Fitzgerald in a research report issued on Tuesday,Benzinga reports. They currently have a $60.00 price objective on the stock. Cantor Fitzgerald’s price objective indicates a potential upside of 65.24% from the stock’s current price.

A number of other brokerages have also weighed in on SYM. Northland Securities lifted their price objective on shares of Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft lifted their price target on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. TD Cowen cut their target price on Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock 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 on the stock in a report on Tuesday, July 30th. Finally, Vertical Research began coverage on Symbotic in a research report on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 target price for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Symbotic presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.31.

Symbotic Stock Performance

NASDAQ SYM opened at $36.31 on Tuesday. Symbotic has a 52-week low of $17.11 and a 52-week high of $59.82. The company has a market capitalization of $21.26 billion, a P/E ratio of -605.17 and a beta of 1.81. The company has a fifty day moving average of $27.42 and a 200-day moving average of $31.08.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. The firm had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The company’s revenue for the quarter was up 47.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.08) earnings per share. As a group, analysts forecast that Symbotic will post -0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the sale, the chief financial officer now directly owns 34,188 shares in the company, valued at approximately $990,084.48. This represents a 40.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 1,715 shares of the company’s stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $28.77, for a total value of $49,340.55. Following the sale, the insider now owns 87,922 shares of the company’s stock, valued at approximately $2,529,515.94. The trade was a 1.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock valued at $1,378,056 in the last 90 days. 38.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in SYM. Castleview Partners LLC increased its stake in shares of Symbotic by 50.0% in the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after buying an additional 500 shares during the period. Arcadia Investment Management Corp MI bought a new stake in shares of Symbotic during the 3rd quarter valued at about $49,000. RiverPark Advisors LLC boosted its position in shares of Symbotic by 147.1% during the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after purchasing an additional 1,211 shares in the last quarter. 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, Quest Partners LLC boosted its position in shares of Symbotic by 19,307.7% during the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock valued at $62,000 after purchasing an additional 2,510 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.