Symbotic (NASDAQ:SYM) Raised to “Hold” at Wall Street Zen

Symbotic (NASDAQ:SYM) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Several other brokerages have also weighed in on SYM. Barclays began coverage on shares of Symbotic in a report on Tuesday, October 7th. They set an “underweight” rating and a $38.00 price objective on the stock. Deutsche Bank Aktiengesellschaft lowered shares of Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price objective on the stock. in a report on Friday, July 18th. Needham & Company LLC raised their price target on shares of Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Citigroup restated a “buy” rating on shares of Symbotic in a report on Monday, July 14th. Finally, UBS Group restated a “sell” rating and issued a $35.00 price target (up previously from $27.00) on shares of Symbotic in a report on Tuesday, September 23rd. Seven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $44.61.

Symbotic Price Performance

Shares of SYM stock opened at $63.73 on Friday. The firm has a market cap of $37.63 billion, a P/E ratio of -910.28, a PEG ratio of 12.36 and a beta of 2.06. Symbotic has a 1-year low of $16.32 and a 1-year high of $71.29. The firm’s 50-day simple moving average is $53.19 and its 200-day simple moving average is $39.43.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.08). The company had revenue of $592.12 million for the quarter, compared to analysts’ expectations of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The company’s revenue was up 25.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.02) earnings per share. Analysts expect that Symbotic will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of Symbotic stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $46.45, for a total transaction of $10,219,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider William M. Boyd III sold 2,455 shares of Symbotic stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $50.58, for a total transaction of $124,173.90. Following the sale, the insider owned 29,429 shares in the company, valued at $1,488,518.82. This represents a 7.70% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 478,326 shares of company stock valued at $24,157,264. 0.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Symbotic

A number of hedge funds have recently made changes to their positions in SYM. GAMMA Investing LLC raised its stake in shares of Symbotic by 1,812.2% during the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock valued at $29,000 after purchasing an additional 1,341 shares during the period. SG Americas Securities LLC raised its stake in shares of Symbotic by 44.1% during the first quarter. SG Americas Securities LLC now owns 33,986 shares of the company’s stock valued at $687,000 after purchasing an additional 10,401 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Symbotic by 11.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,285 shares of the company’s stock valued at $268,000 after purchasing an additional 1,357 shares during the period. Exchange Traded Concepts LLC raised its stake in shares of Symbotic by 18.0% during the first quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company’s stock valued at $13,758,000 after purchasing an additional 104,068 shares during the period. Finally, Rakuten Securities Inc. raised its stake in shares of Symbotic by 36.5% during the first quarter. Rakuten Securities Inc. now owns 10,298 shares of the company’s stock valued at $208,000 after purchasing an additional 2,752 shares during the period.

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.