Wall Street Zen Upgrades Symbotic (NASDAQ:SYM) to “Hold”

Wall Street Zen upgraded shares of Symbotic (NASDAQ:SYM) from a sell rating to a hold rating in a research report released on Saturday morning.

Several other analysts have also recently weighed in on SYM. Arete cut shares of Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft cut shares of Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price target on the stock. in a research note on Friday, July 18th. Citigroup reissued a “buy” rating on shares of Symbotic in a research note on Monday, July 14th. Needham & Company LLC increased their price target on shares of Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Finally, Robert W. Baird cut shares of Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $43.44.

Symbotic Trading Up 7.6%

Shares of Symbotic stock opened at $51.39 on Friday. The stock has a market capitalization of $30.35 billion, a price-to-earnings ratio of -734.04 and a beta of 2.05. Symbotic has a 1-year low of $16.32 and a 1-year high of $64.16. The firm’s 50-day moving average price is $50.33 and its two-hundred day moving average price is $34.58.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.08). The firm had revenue of $592.12 million for the quarter, compared to the consensus estimate of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.Symbotic’s quarterly revenue was up 25.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.02) earnings per share. As a group, equities research analysts predict that Symbotic will post 0.13 EPS for the current year.

Insider Transactions at Symbotic

In other Symbotic news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the firm’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $46.45, for a total value of $10,219,000.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider William M. Boyd III sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The shares were sold at an average price of $59.00, for a total transaction of $1,475,000.00. Following the completion of the transaction, the insider directly owned 31,884 shares in the company, valued at approximately $1,881,156. The trade was a 43.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 481,177 shares of company stock valued at $23,795,474. 0.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Symbotic by 16.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock valued at $27,155,000 after acquiring an additional 187,538 shares during the last quarter. Raymond James Financial Inc. boosted its stake in Symbotic by 12.1% in the first quarter. Raymond James Financial Inc. now owns 980,922 shares of the company’s stock valued at $19,824,000 after acquiring an additional 105,616 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in Symbotic by 18.0% in the first quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company’s stock valued at $13,758,000 after acquiring an additional 104,068 shares during the last quarter. TCW Group Inc. boosted its stake in Symbotic by 1.8% in the first quarter. TCW Group Inc. now owns 593,442 shares of the company’s stock valued at $11,993,000 after acquiring an additional 10,487 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Symbotic by 0.9% in the second quarter. Geode Capital Management LLC now owns 551,216 shares of the company’s stock valued at $21,419,000 after acquiring an additional 4,892 shares during the last quarter.

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.