Symbotic (NASDAQ:SYM) Upgraded at Zacks Research

Zacks Research upgraded shares of Symbotic (NASDAQ:SYM) from a strong sell rating to a hold rating in a research report report published on Wednesday,Zacks.com reports.

Several other research firms have also commented on SYM. UBS Group restated a “sell” rating and issued a $35.00 price objective (up previously from $27.00) on shares of Symbotic in a research report on Tuesday, September 23rd. Northland Securities increased their price target on shares of Symbotic from $35.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. Wall Street Zen lowered shares of Symbotic from a “hold” rating to a “sell” rating in a research report on Friday, September 26th. Arete Research downgraded shares of Symbotic from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Finally, Arete lowered shares of Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research note on Friday, July 25th. Seven analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and a consensus price target of $45.00.

Symbotic Stock Performance

Shares of SYM opened at $63.10 on Wednesday. The business’s 50-day moving average is $51.69 and its two-hundred day moving average is $37.65. The company has a market capitalization of $37.26 billion, a P/E ratio of -901.30, a P/E/G ratio of 12.33 and a beta of 2.06. Symbotic has a fifty-two week low of $16.32 and a fifty-two week high of $65.17.

Symbotic (NASDAQ:SYM) last issued its 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). The company had revenue of $592.12 million during the quarter, compared to analysts’ expectations of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The firm’s quarterly revenue was up 25.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.02) EPS. Analysts forecast that Symbotic will post 0.13 EPS for the current year.

Insider Transactions at Symbotic

In other 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 stock was sold at an average price of $46.45, for a total value of $10,219,000.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles Kane sold 25,000 shares of Symbotic 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 completion of the sale, the director directly owned 79,507 shares in the company, valued at $3,786,123.34. This represents a 23.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 483,032 shares of company stock worth $23,897,448 in the last three months. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Private Trust Co. NA raised its holdings in Symbotic by 10.0% in the 2nd quarter. Private Trust Co. NA now owns 2,200 shares of the company’s stock valued at $85,000 after acquiring an additional 200 shares during the last quarter. Farther Finance Advisors LLC grew its position in shares of Symbotic by 24.0% in the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company’s stock valued at $69,000 after purchasing an additional 342 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Symbotic by 7.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,354 shares of the company’s stock valued at $247,000 after purchasing an additional 422 shares in the last quarter. Main Management ETF Advisors LLC increased its holdings in shares of Symbotic by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 29,320 shares of the company’s stock valued at $1,139,000 after purchasing an additional 480 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its position in Symbotic by 81.5% during the second quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock worth $50,000 after buying an additional 573 shares in 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.