Symbotic Inc. (NASDAQ:SYM) Receives $42.54 Average Price Target from Analysts

Shares of Symbotic Inc. (NASDAQ:SYM) have earned an average recommendation of “Moderate Buy” from the fourteen research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $42.54.

A number of research analysts have weighed in on SYM shares. KeyCorp reiterated a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. Needham & Company LLC dropped their price objective on Symbotic from $46.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. Craig Hallum downgraded Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a research note on Wednesday, November 27th. Finally, BWS Financial reiterated a “sell” rating and set a $10.00 target price on shares of Symbotic in a research report on Tuesday, November 19th.

Symbotic Stock Down 3.8 %

Symbotic stock opened at $24.55 on Friday. Symbotic has a 52 week low of $17.11 and a 52 week high of $57.16. The firm has a market cap of $14.42 billion, a price-to-earnings ratio of -409.17 and a beta of 1.73. The business’s 50-day moving average price is $29.32 and its 200 day moving average price is $28.58.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The business had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter last year, the company earned ($0.08) EPS. The business’s revenue was up 47.2% on a year-over-year basis. Equities analysts expect that Symbotic will post 0.12 EPS for the current year.

Insider Transactions at Symbotic

In related news, insider Michael David Dunn sold 63,867 shares of Symbotic stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $30.08, for a total transaction of $1,921,119.36. Following the transaction, the insider now owns 24,055 shares in the company, valued at approximately $723,574.40. This trade represents a 72.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $28.33, for a total value of $250,040.58. Following the completion of the sale, the insider now owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. The trade was a 27.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 111,745 shares of company stock valued at $3,261,675 over the last 90 days. 38.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Institutional investors have recently bought and sold shares of the company. Baillie Gifford & Co. lifted its stake in shares of Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after purchasing an additional 3,410,050 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares during the period. Exchange Traded Concepts LLC lifted its position in Symbotic by 76.8% in the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after buying an additional 379,726 shares during the last quarter. Millennium Management LLC boosted its stake in Symbotic by 6,694.5% during the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after buying an additional 330,709 shares during the period. Finally, Thematics Asset Management increased its position in shares of Symbotic by 30.1% during the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after acquiring an additional 242,661 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.