Symbotic (NASDAQ:SYM) Upgraded to Buy at DA Davidson

DA Davidson upgraded shares of Symbotic (NASDAQ:SYM) from a neutral rating to a buy rating in a research report report published on Wednesday morning, MarketBeat reports. They currently have $35.00 target price on the stock.

Several other analysts have also issued reports on SYM. The Goldman Sachs Group decreased their price target on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 4th. Northland Securities lifted their target price on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Craig Hallum cut Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price target for the company. in a report on Wednesday, November 27th. TD Cowen lifted their price objective on Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Symbotic has an average rating of “Hold” and a consensus target price of $40.71.

Symbotic Stock Performance

Symbotic stock opened at $26.45 on Wednesday. Symbotic has a 52 week low of $17.11 and a 52 week high of $52.20. The firm has a market capitalization of $15.54 billion, a PE ratio of -440.83 and a beta of 1.76. The business’s 50-day simple moving average is $28.40 and its 200-day simple moving average is $27.83.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. The company had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The company’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) earnings per share. Research analysts forecast that Symbotic will post 0.12 earnings per share for the current year.

Insider Transactions at Symbotic

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total value of $48,080.00. Following the completion of the transaction, the director now owns 214,036 shares in the company, valued at approximately $5,145,425.44. The trade was a 0.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 1,715 shares of the business’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $28.77, for a total value of $49,340.55. Following the completion of the transaction, the insider now directly owns 87,922 shares in the company, valued at approximately $2,529,515.94. This represents a 1.91 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,844 shares of company stock valued at $3,268,431. 38.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

Institutional investors have recently modified their holdings of the stock. Castleview Partners LLC lifted its stake in shares of Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after acquiring an additional 500 shares during the period. Quarry LP bought a new stake in Symbotic during the 2nd quarter worth about $65,000. Arcadia Investment Management Corp MI acquired a new position in Symbotic during the 3rd quarter valued at about $49,000. RiverPark Advisors LLC lifted its position in 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 during the period. Finally, Quest Partners LLC boosted its stake in shares of Symbotic by 19,307.7% in 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 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.