Cantor Fitzgerald Reaffirms “Overweight” Rating for Symbotic (NASDAQ:SYM)

Symbotic (NASDAQ:SYM)‘s stock had its “overweight” rating restated by analysts at Cantor Fitzgerald in a research report issued on Thursday,Benzinga reports. They presently have a $60.00 price target on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 91.20% from the stock’s previous close.

SYM has been the topic of a number of other research reports. KeyCorp reissued a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. TD Cowen boosted their price target on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th. Citigroup restated a “buy” rating and set a $37.00 price objective on shares of Symbotic in a research report on Monday, January 13th. The Goldman Sachs Group dropped their price target on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday, December 4th. Finally, BWS Financial reaffirmed a “sell” rating and set a $10.00 price target on shares of Symbotic in a research report on Tuesday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $38.73.

Symbotic Trading Down 6.3 %

Shares of SYM stock opened at $31.38 on Thursday. Symbotic has a twelve month low of $17.11 and a twelve month high of $52.20. The stock has a market cap of $18.43 billion, a P/E ratio of -523.00, a P/E/G ratio of 8.26 and a beta of 1.76. The stock has a 50 day moving average of $27.98 and a 200 day moving average of $27.42.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting the consensus estimate of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The firm had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same quarter in the previous year, the business earned ($0.08) EPS. Symbotic’s revenue for the quarter was up 47.2% compared to the same quarter last year. On average, research analysts predict that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the sale, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total transaction of $48,080.00. Following the transaction, the director now owns 214,036 shares in the company, valued at approximately $5,145,425.44. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 117,993 shares of company stock valued at $3,490,555 over the last 90 days. 38.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Castleview Partners LLC boosted its holdings in shares of Symbotic by 50.0% during the 3rd 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 period. Arcadia Investment Management Corp MI bought a new stake in Symbotic during the third quarter valued at about $49,000. RiverPark Advisors LLC boosted its holdings in 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 during the period. Quest Partners LLC grew its position in shares of Symbotic by 19,307.7% in the third 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 during the last quarter. Finally, Quarry LP bought a new position in shares of Symbotic in the second quarter worth about $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.