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

Symbotic (NASDAQ:SYM)‘s stock had its “overweight” rating reiterated by analysts at Cantor Fitzgerald in a report released on Thursday,Benzinga reports. They presently have a $60.00 price objective on the stock. Cantor Fitzgerald’s price objective would suggest a potential upside of 82.03% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Wednesday, January 8th. William Blair restated a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. UBS Group decreased their price objective on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. Finally, Citigroup reiterated a “buy” rating and issued a $37.00 price objective on shares of Symbotic in a report on Monday, January 13th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $38.73.

Symbotic Trading Down 1.0 %

SYM traded down $0.33 on Thursday, reaching $32.96. The stock had a trading volume of 263,811 shares, compared to its average volume of 2,674,061. The company has a market cap of $19.36 billion, a P/E ratio of -548.00, a price-to-earnings-growth ratio of 7.72 and a beta of 1.76. Symbotic has a 12-month low of $17.11 and a 12-month high of $52.20. The business’s 50-day moving average price is $27.87 and its two-hundred day moving average price is $27.42.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. The business had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The business’s revenue was up 47.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. As a group, analysts predict that Symbotic will post 0.14 earnings per share for the current year.

Insiders Place Their Bets

In other Symbotic news, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the sale, the insider now directly owns 23,012 shares in the company, valued at approximately $651,929.96. The trade was a 27.72 % 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, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the transaction, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. This trade represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 117,993 shares of company stock worth $3,490,555. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of large investors have recently bought and sold shares of SYM. Baillie Gifford & Co. boosted its holdings in Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after acquiring an additional 3,410,050 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after purchasing an additional 379,726 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Symbotic by 6,694.5% during the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after purchasing an additional 330,709 shares during the period. Thematics Asset Management increased its position in Symbotic by 30.1% during the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after purchasing an additional 242,661 shares in the last quarter. Finally, Ensign Peak Advisors Inc raised its holdings in Symbotic by 3,622.4% in the second quarter. Ensign Peak Advisors Inc now owns 193,678 shares of the company’s stock valued at $6,810,000 after buying an additional 188,475 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.