Craig Hallum Downgrades Symbotic (NASDAQ:SYM) to Hold

Symbotic (NASDAQ:SYM) was downgraded by research analysts at Craig Hallum from a “buy” rating to a “hold” rating in a report issued on Wednesday, MarketBeat Ratings reports. They presently have a $25.00 price objective on the stock. Craig Hallum’s price target would suggest a potential upside of 4.17% from the company’s current price.

Several other brokerages have also weighed in on SYM. DA Davidson lowered Symbotic from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $50.00 to $35.00 in a report on Wednesday. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. The Goldman Sachs Group cut their target price on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. BWS Financial reiterated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. Finally, KeyCorp restated a “sector weight” rating on shares of Symbotic in a research report on Wednesday. One 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Price Performance

Shares of SYM stock opened at $24.00 on Wednesday. The firm has a 50-day moving average of $28.94 and a 200-day moving average of $30.72. Symbotic has a one year low of $17.11 and a one year high of $59.82. The company has a market cap of $14.05 billion, a P/E ratio of -400.00 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The company had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. During the same period last year, the business posted ($0.08) earnings per share. Symbotic’s revenue was up 47.2% on a year-over-year basis. As a group, research analysts expect that Symbotic will post 0.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. The trade was a 40.03 % 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 Symbotic stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the sale, the director now owns 214,036 shares in the company, valued at $4,013,175. This represents 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 worth $1,378,056 in the last 90 days. 38.30% of the stock is owned by company insiders.

Institutional Trading of Symbotic

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of Symbotic by 11.6% in the 1st quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock worth $123,000 after purchasing an additional 284 shares in the last quarter. California State Teachers Retirement System raised its stake in shares of Symbotic by 4.5% in the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock worth $678,000 after buying an additional 654 shares during the period. Comerica Bank raised its stake in Symbotic by 1,347.0% during the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after acquiring an additional 15,491 shares during the period. Finally, Virtu Financial LLC bought a new stake in shares of Symbotic during the 1st quarter valued at $770,000.

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.