Symbotic Inc. (NASDAQ:SYM) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Symbotic Inc. (NASDAQ:SYM) have received a consensus rating of “Hold” from the twenty analysts that are covering the company, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, twelve have assigned a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $43.4375.

A number of equities research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft downgraded Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price objective on the stock. in a research report on Friday, July 18th. Robert W. Baird downgraded Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a research report on Thursday, August 7th. Needham & Company LLC upped their price objective on Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. DA Davidson restated a “neutral” rating and set a $47.00 price objective (up from $35.00) on shares of Symbotic in a research report on Monday, August 25th. Finally, Northland Securities upped their price objective on Symbotic from $35.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th.

Symbotic Trading Down 0.3%

Shares of Symbotic stock opened at $45.46 on Thursday. The stock has a 50 day moving average of $49.36 and a 200 day moving average of $33.16. Symbotic has a 12 month low of $16.32 and a 12 month high of $64.16. The firm has a market cap of $26.84 billion, a PE ratio of -649.34 and a beta of 2.05.

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

Insider Transactions at Symbotic

In other news, Director Charles Kane sold 25,000 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total value of $1,190,500.00. Following the sale, the director directly owned 79,507 shares in the company, valued at approximately $3,786,123.34. This represents a 23.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Maria G. Freve sold 2,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $51.93, for a total value of $103,860.00. Following the completion of the sale, the insider owned 1,312 shares in the company, valued at approximately $68,132.16. The trade was a 60.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 484,632 shares of company stock valued at $23,837,791. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several hedge funds and other institutional investors have recently modified their holdings of SYM. GAMMA Investing LLC raised its holdings in shares of Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock worth $29,000 after buying an additional 1,341 shares during the period. Ulland Investment Advisors LLC purchased a new stake in shares of Symbotic in the first quarter worth approximately $31,000. AdvisorNet Financial Inc purchased a new position in Symbotic during the 2nd quarter worth $32,000. IAG Wealth Partners LLC purchased a new position in Symbotic during the 2nd quarter worth $32,000. Finally, Gables Capital Management Inc. purchased a new position in Symbotic during the 2nd quarter worth $39,000.

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.