Symbotic (NASDAQ:SYM) Now Covered by Analysts at Arete

Equities research analysts at Arete initiated coverage on shares of Symbotic (NASDAQ:SYM) in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $50.00 price target on the stock. Arete’s price target indicates a potential upside of 55.28% from the stock’s current price.

A number of other brokerages have also recently commented on SYM. UBS Group cut their target price on shares of Symbotic from $32.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Citigroup dropped their price objective on shares of Symbotic from $37.00 to $29.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. BWS Financial reissued a “sell” rating and set a $10.00 price target on shares of Symbotic in a report on Wednesday, April 2nd. Finally, The Goldman Sachs Group reduced their price objective on Symbotic from $25.00 to $18.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $38.00.

Symbotic Stock Performance

SYM opened at $32.20 on Wednesday. The business’s 50-day simple moving average is $26.84 and its 200-day simple moving average is $25.49. Symbotic has a one year low of $16.32 and a one year high of $41.76. The stock has a market capitalization of $18.99 billion, a P/E ratio of -805.00, a price-to-earnings-growth ratio of 54.82 and a beta of 1.95.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The firm had revenue of $549.65 million for the quarter, compared to analysts’ expectations of $522.36 million. Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The company’s quarterly revenue was up 39.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) EPS. On average, equities research analysts forecast that Symbotic will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider William M. Boyd III sold 11,735 shares of Symbotic stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $21.95, for a total transaction of $257,583.25. Following the completion of the transaction, the insider now directly owns 36,999 shares of the company’s stock, valued at approximately $812,128.05. The trade was a 24.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Todd Krasnow sold 4,000 shares of the company’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $30.63, for a total value of $122,520.00. Following the completion of the sale, the director now directly owns 189,036 shares in the company, valued at $5,790,172.68. This trade represents a 2.07% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 48,656 shares of company stock valued at $1,220,907. Corporate insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SYM. Sanctuary Advisors LLC grew its holdings in shares of Symbotic by 15.4% during the fourth quarter. Sanctuary Advisors LLC now owns 48,692 shares of the company’s stock worth $1,154,000 after buying an additional 6,495 shares in the last quarter. Handelsbanken Fonder AB raised its stake in Symbotic by 28.0% during the fourth quarter. Handelsbanken Fonder AB now owns 11,900 shares of the company’s stock worth $282,000 after purchasing an additional 2,600 shares during the period. IFP Advisors Inc boosted its holdings in Symbotic by 58.2% in the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock valued at $32,000 after acquiring an additional 503 shares during the last quarter. ARK Investment Management LLC purchased a new position in shares of Symbotic in the 4th quarter worth about $4,506,000. Finally, Taylor Frigon Capital Management LLC lifted its stake in shares of Symbotic by 18.7% in the 4th quarter. Taylor Frigon Capital Management LLC now owns 83,233 shares of the company’s stock valued at $1,973,000 after purchasing an additional 13,104 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.