Symbotic (NASDAQ:SYM) Earns “Overweight” Rating from Cantor Fitzgerald

Symbotic (NASDAQ:SYM)‘s stock had its “overweight” rating restated by investment analysts at Cantor Fitzgerald in a research note issued on Thursday,Benzinga reports. They currently have a $60.00 target price on the stock. Cantor Fitzgerald’s price target would suggest a potential upside of 94.05% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Northland Securities upped their price target on Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and set a $35.00 price objective on shares of Symbotic in a research note on Friday, January 17th. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research note on Wednesday, January 8th. Raymond James cut shares of Symbotic from an “outperform” rating to a “market perform” rating in a research note on Thursday. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Symbotic has an average rating of “Hold” and a consensus target price of $38.73.

Symbotic Trading Up 2.0 %

Shares of NASDAQ SYM opened at $30.92 on Thursday. The firm has a fifty day simple moving average of $26.97 and a two-hundred day simple moving average of $26.79. Symbotic has a 12 month low of $17.11 and a 12 month high of $50.40. The firm has a market capitalization of $18.16 billion, a PE ratio of -515.33, a price-to-earnings-growth ratio of 7.29 and a beta of 1.79.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. On average, sell-side analysts predict that Symbotic will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Michael David Dunn sold 1,971 shares of the company’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $30.00, for a total value of $59,130.00. Following the completion of the sale, the insider now directly owns 22,301 shares in the company, valued at $669,030. This represents a 8.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Todd Krasnow sold 2,000 shares of the firm’s 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 directly owns 214,036 shares in the company, valued at approximately $5,145,425.44. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 94,007 shares of company stock valued at $2,827,909 over the last 90 days. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SYM. Baillie Gifford & Co. boosted its stake in shares of Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares during the period. Exchange Traded Concepts LLC lifted its holdings in Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after purchasing an additional 379,726 shares in the last quarter. Thematics Asset Management boosted its stake in Symbotic by 30.1% in 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 during the period. TCW Group Inc. boosted its stake in Symbotic by 51.7% in the 4th quarter. TCW Group Inc. now owns 582,955 shares of the company’s stock worth $13,822,000 after purchasing an additional 198,681 shares during the period. Finally, ARK Investment Management LLC bought a new stake in shares of Symbotic during the fourth quarter valued at approximately $4,506,000.

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.