Symbotic (NASDAQ:SYM) Rating Lowered to “Neutral” at DA Davidson

DA Davidson downgraded shares of Symbotic (NASDAQ:SYM) from a buy rating to a neutral rating in a research report report published on Wednesday morning, MarketBeat Ratings reports. DA Davidson currently has $35.00 target price on the stock, down from their previous target price of $50.00.

Several other equities research analysts have also weighed in on SYM. The Goldman Sachs Group dropped their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Northland Securities lifted their price target on shares of Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, November 19th. Citigroup dropped their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Finally, TD Cowen raised their target price on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Symbotic Trading Up 12.1 %

Symbotic stock opened at $26.90 on Wednesday. The firm has a market cap of $15.75 billion, a P/E ratio of -448.33 and a beta of 1.81. Symbotic has a 1-year low of $17.11 and a 1-year high of $58.58. The firm has a 50-day moving average of $28.97 and a 200-day moving average of $30.51.

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

Insider Buying and Selling

In related 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 completion of the sale, the insider now directly owns 85,224 shares in the company, valued at approximately $2,029,183.44. The trade was a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the completion of the transaction, the director now owns 214,036 shares in the company, 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. Over the last quarter, insiders have sold 49,878 shares of company stock worth $1,378,056. 38.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

Several large investors have recently added to or reduced their stakes in SYM. Castleview Partners LLC lifted its position in Symbotic by 50.0% in the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after buying an additional 500 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of Symbotic in the 3rd quarter valued at $49,000. RiverPark Advisors LLC increased its holdings in shares of Symbotic by 147.1% during the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after acquiring an additional 1,211 shares in the last quarter. RFP Financial Group LLC increased its stake in 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 raised its stake in Symbotic by 19,307.7% in the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after acquiring an additional 2,510 shares during the last quarter.

About Symbotic

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.