Symbotic (NASDAQ:SYM) Research Coverage Started at Northcoast Research

Northcoast Research started coverage on shares of Symbotic (NASDAQ:SYM) in a research report report published on Thursday, Marketbeat reports. The brokerage issued a buy rating and a $65.00 price objective on the stock.

Other research analysts have also issued reports about the stock. Wall Street Zen lowered shares of Symbotic from a “hold” rating to a “sell” rating in a research note on Friday, September 26th. Arete Research lowered shares of Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Oppenheimer upped their price objective on shares of Symbotic from $54.00 to $59.00 and gave the stock an “outperform” rating in a report on Thursday, August 7th. Robert W. Baird downgraded shares of Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a report on Thursday, August 7th. Finally, Arete downgraded shares of Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a report on Friday, July 25th. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $45.00.

Symbotic Stock Down 0.8%

Shares of NASDAQ SYM opened at $63.10 on Thursday. The firm has a market cap of $37.26 billion, a PE ratio of -901.30, a P/E/G ratio of 12.23 and a beta of 2.06. Symbotic has a 12-month low of $16.32 and a 12-month high of $65.17. The company’s fifty day simple moving average is $51.69 and its 200 day simple moving average is $37.76.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.08). The company had revenue of $592.12 million for the quarter, compared to the consensus estimate 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 revenue was up 25.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.02) earnings per share. On average, equities analysts predict that Symbotic will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $46.45, for a total value of $10,219,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Todd Krasnow sold 4,000 shares of the stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $45.64, for a total transaction of $182,560.00. The disclosure for this sale can be found here. Insiders have sold a total of 483,032 shares of company stock valued at $23,897,448 over the last 90 days. 0.60% of the stock is currently owned by company insiders.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently made changes to their positions in the company. IAG Wealth Partners LLC purchased a new stake in shares of Symbotic in the second quarter valued at about $32,000. AdvisorNet Financial Inc purchased a new stake in shares of Symbotic in the second quarter valued at about $32,000. Gables Capital Management Inc. purchased a new stake in shares of Symbotic in the second quarter valued at about $39,000. NewEdge Advisors LLC increased its holdings 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 during the last quarter. Finally, GAMMA Investing LLC increased its holdings in Symbotic by 1,812.2% during 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 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.