Symbotic (NASDAQ:SYM) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Symbotic (NASDAQ:SYM) from a hold rating to a sell rating in a research note published on Friday.

Several other analysts also recently commented on the company. Arete downgraded 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. Baird R W downgraded Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 7th. Oppenheimer lifted their price target on Symbotic from $54.00 to $59.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Arete Research downgraded Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Finally, DA Davidson reissued a “neutral” rating and issued a $47.00 price target (up previously from $35.00) on shares of Symbotic in a research note on Monday, August 25th. Six equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.75.

Symbotic Trading Up 1.1%

Shares of Symbotic stock opened at $52.14 on Friday. The company has a market capitalization of $30.79 billion, a PE ratio of -744.75 and a beta of 2.05. Symbotic has a 12 month low of $16.32 and a 12 month high of $64.16. The stock’s fifty day simple moving average is $51.04 and its 200 day simple moving average is $36.58.

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

Insiders Place Their Bets

In related news, Director Todd Krasnow sold 4,000 shares of Symbotic stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $45.64, for a total value of $182,560.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Charles Kane sold 25,000 shares of Symbotic stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total value of $1,190,500.00. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders have sold 483,032 shares of company stock valued at $23,897,448 in the last quarter. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently bought and sold shares of SYM. Amanah Holdings Trust bought a new position in Symbotic during the second quarter worth about $19,824,000. Canada Pension Plan Investment Board bought a new position in Symbotic during the first quarter worth about $4,968,000. ARK Investment Management LLC grew its holdings in Symbotic by 106.9% during the first quarter. ARK Investment Management LLC now owns 393,293 shares of the company’s stock worth $7,948,000 after purchasing an additional 203,226 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Symbotic by 16.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock worth $27,155,000 after purchasing an additional 187,538 shares during the period. Finally, Y Intercept Hong Kong Ltd bought a new position in Symbotic during the second quarter worth about $5,504,000.

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.