Symbotic (NASDAQ:SYM) Rating Lowered to Hold at Craig Hallum

Symbotic (NASDAQ:SYM) was downgraded by investment analysts at Craig Hallum from a “buy” rating to a “hold” rating in a research note issued on Wednesday,Briefing.com Automated Import reports. They currently have a $25.00 price objective on the stock. Craig Hallum’s price objective would indicate a potential upside of 8.37% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Citigroup lowered their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Robert W. Baird dropped their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. DA Davidson cut shares of Symbotic from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $50.00 to $35.00 in a research note on Wednesday. KeyCorp restated a “sector weight” rating on shares of Symbotic in a report on Wednesday. Finally, Needham & Company LLC decreased their target price on shares of Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Symbotic currently has an average rating of “Moderate Buy” and an average target price of $42.69.

Symbotic Stock Down 38.3 %

Shares of Symbotic stock traded down $14.34 on Wednesday, hitting $23.07. 18,770,452 shares of the company’s stock traded hands, compared to its average volume of 1,691,707. The stock has a market cap of $13.51 billion, a P/E ratio of -384.50 and a beta of 1.81. The firm’s 50-day moving average is $28.98 and its 200 day moving average is $30.82. Symbotic has a 52-week low of $17.11 and a 52-week high of $59.82.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting the consensus estimate of $0.05. The company had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. Symbotic had a positive return on equity of 6.54% 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 period in the prior year, the company earned ($0.08) earnings per share. Equities research analysts forecast that Symbotic will post 0.2 EPS for the current year.

Insider Transactions at Symbotic

In other news, insider Michael David Dunn sold 1,715 shares of the stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $28.77, for a total value of $49,340.55. Following the completion of the transaction, the insider now owns 87,922 shares in the company, valued at approximately $2,529,515.94. This represents a 1.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 49,878 shares of company stock worth $1,378,056. 38.30% of the stock is owned by insiders.

Institutional Trading of Symbotic

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Castleview Partners LLC grew its position in shares of Symbotic by 50.0% during the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after buying an additional 500 shares during the period. Arcadia Investment Management Corp MI acquired a new position in Symbotic in the third quarter valued at about $49,000. RiverPark Advisors LLC raised its holdings in shares of Symbotic by 147.1% during the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after acquiring an additional 1,211 shares during the period. RFP Financial Group LLC boosted its stake in Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after purchasing an additional 310 shares during the period. Finally, Quest Partners LLC increased its holdings in Symbotic by 19,307.7% during the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after purchasing an additional 2,510 shares in 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.