Symbotic (NASDAQ:SYM) Receives “Buy” Rating from DA Davidson

Symbotic (NASDAQ:SYM)‘s stock had its “buy” rating reaffirmed by equities researchers at DA Davidson in a report issued on Tuesday,Benzinga reports. They currently have a $47.00 price target on the stock. DA Davidson’s price objective indicates a potential upside of 20.45% from the stock’s previous close.

Other research analysts have also issued reports about the company. The Goldman Sachs Group lowered their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 31st. Robert W. Baird lowered 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. BWS Financial reissued a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a report on Tuesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 target price on shares of Symbotic in a report on Tuesday. Finally, Citigroup reduced 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Symbotic presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.31.

Symbotic Stock Up 27.7 %

Shares of SYM traded up $8.46 during trading hours on Tuesday, hitting $39.02. The company had a trading volume of 10,101,506 shares, compared to its average volume of 1,609,922. The firm has a market cap of $22.85 billion, a price-to-earnings ratio of -205.37 and a beta of 1.81. The business has a fifty day moving average of $27.00 and a 200-day moving average of $31.09. Symbotic has a 12 month low of $17.11 and a 12 month high of $59.82.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The firm had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. During the same period last year, the business posted ($0.08) earnings per share. The business’s revenue for the quarter was up 47.2% compared to the same quarter last year. On average, equities analysts expect that Symbotic will post -0.08 EPS for the current fiscal year.

Insider Activity at Symbotic

In other news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at $4,013,175. This represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,878 shares of company stock valued at $1,378,056 in the last quarter. Insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

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

Symbotic Company Profile

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.