Symbotic’s (SYM) Sell Rating Reiterated at UBS Group

UBS Group reaffirmed their sell rating on shares of Symbotic (NASDAQ:SYM) in a research note released on Tuesday, Marketbeat reports. UBS Group currently has a $35.00 price objective on the stock, up from their previous price objective of $27.00.

Several other equities research analysts have also recently weighed in on the company. Arete Research cut Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Zacks Research cut Symbotic from a “hold” rating to a “strong sell” rating in a research note on Friday, August 15th. DA Davidson restated a “neutral” rating and set a $47.00 target price (up from $35.00) on shares of Symbotic in a research note on Monday, August 25th. Deutsche Bank Aktiengesellschaft cut Symbotic from a “buy” rating to a “hold” rating and set a $51.00 target price for the company. in a research note on Friday, July 18th. Finally, Arete downgraded shares of Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price target for the company. in a report on Friday, July 25th. Six analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Symbotic currently has an average rating of “Hold” and an average price target of $43.75.

Symbotic Price Performance

NASDAQ SYM opened at $51.55 on Tuesday. The business has a fifty day moving average price of $51.08 and a two-hundred day moving average price of $36.15. Symbotic has a fifty-two week low of $16.32 and a fifty-two week high of $64.16. The stock has a market capitalization of $30.44 billion, a PE ratio of -736.32 and a beta of 2.05.

Symbotic (NASDAQ:SYM) last released its earnings results 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). Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The business had revenue of $592.12 million for the quarter, compared to the consensus estimate of $533.55 million. During the same quarter in the previous year, the company earned ($0.02) earnings per share. The firm’s revenue for the quarter was up 25.9% on a year-over-year basis. As a group, sell-side analysts expect that Symbotic will post 0.13 earnings per share for the current year.

Insider Activity

In other Symbotic news, Director Todd Krasnow sold 30,000 shares of Symbotic stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total transaction of $1,546,200.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of Symbotic stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $46.45, for a total value of $10,219,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 483,032 shares of company stock worth $23,897,448. 0.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SYM. GAMMA Investing LLC raised its position in shares of Symbotic by 1,812.2% in the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock worth $29,000 after acquiring an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC bought a new position in shares of Symbotic in the 1st quarter worth about $31,000. AdvisorNet Financial Inc bought a new position in shares of Symbotic in the 2nd quarter worth about $32,000. IAG Wealth Partners LLC bought a new position in shares of Symbotic in the 2nd quarter worth about $32,000. Finally, Gables Capital Management Inc. bought a new position in shares of Symbotic in the 2nd quarter worth about $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.