Brokerages Set Symbotic Inc. (NASDAQ:SYM) PT at $44.61

Symbotic Inc. (NASDAQ:SYM) has been assigned a consensus rating of “Hold” from the twenty-three analysts that are covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $44.6111.

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC lifted their price objective on Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Citigroup reaffirmed a “buy” rating on shares of Symbotic in a research note on Monday, July 14th. DA Davidson reaffirmed a “neutral” rating and issued a $47.00 price objective (up from $35.00) on shares of Symbotic in a research note on Monday, August 25th. UBS Group reaffirmed a “sell” rating and issued a $35.00 price objective (up from $27.00) on shares of Symbotic in a research note on Tuesday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft cut Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price objective for the company. in a research note on Friday, July 18th.

Symbotic Stock Down 5.1%

SYM stock opened at $68.52 on Friday. The business has a fifty day moving average of $54.54 and a two-hundred day moving average of $41.24. The stock has a market cap of $40.46 billion, a price-to-earnings ratio of -978.72, a price-to-earnings-growth ratio of 11.54 and a beta of 2.06. Symbotic has a 52-week low of $16.32 and a 52-week high of $79.58.

Symbotic (NASDAQ:SYM) last posted its earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.08). Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The business had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. During the same period last year, the business earned ($0.02) EPS. Symbotic’s revenue was up 25.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Symbotic will post 0.13 EPS for the current year.

Insider Transactions at Symbotic

In related news, Director Charles Kane sold 25,000 shares of Symbotic stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total value of $1,190,500.00. Following the completion of the transaction, the director directly owned 79,507 shares in the company, valued at approximately $3,786,123.34. This trade represents a 23.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William M. Boyd III sold 25,000 shares of Symbotic stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $59.00, for a total value of $1,475,000.00. Following the completion of the transaction, the insider owned 31,884 shares of the company’s stock, valued at approximately $1,881,156. This trade represents a 43.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 490,826 shares of company stock valued at $25,183,619 in the last 90 days. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its holdings in Symbotic by 1,812.2% during the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock worth $29,000 after buying an additional 1,341 shares during the last quarter. AdvisorNet Financial Inc purchased a new stake in Symbotic during the 2nd quarter worth about $32,000. IAG Wealth Partners LLC purchased a new stake in Symbotic during the 2nd quarter worth about $32,000. Gables Capital Management Inc. purchased a new stake in Symbotic during the 2nd quarter worth about $39,000. Finally, NewEdge Advisors LLC lifted its holdings in Symbotic by 81.5% during the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock worth $50,000 after buying an additional 573 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.