Symbotic (NASDAQ:SYM) Research Coverage Started at Barclays

Barclays initiated coverage on shares of Symbotic (NASDAQ:SYM) in a research note released on Tuesday, MarketBeat reports. The brokerage issued an underweight rating and a $38.00 target price on the stock.

SYM has been the subject of several other research reports. Baird R W cut shares of Symbotic from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 7th. Arete Research cut shares of Symbotic from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Northland Securities lifted their price target on shares of Symbotic from $35.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. UBS Group reiterated a “sell” rating and set a $35.00 price target (up previously from $27.00) on shares of Symbotic in a research report on Tuesday, September 23rd. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Symbotic in a research report on Wednesday. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Symbotic currently has a consensus rating of “Hold” and an average price target of $44.61.

Symbotic Stock Down 2.5%

Shares of SYM stock opened at $67.14 on Tuesday. Symbotic has a 12-month low of $16.32 and a 12-month high of $71.29. The company has a market capitalization of $39.65 billion, a P/E ratio of -959.01, a P/E/G ratio of 13.34 and a beta of 2.06. The firm has a 50-day moving average price of $52.93 and a 200 day moving average price of $38.91.

Symbotic (NASDAQ:SYM) last announced its earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $592.12 million during the quarter, compared to the consensus estimate of $533.55 million. During the same period in the prior year, the firm posted ($0.02) earnings per share. The company’s revenue was up 25.9% on a year-over-year basis. As a group, research analysts expect that Symbotic will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $46.45, for a total transaction of $10,219,000.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William M. Boyd III sold 25,000 shares of the company’s stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $59.00, for a total transaction of $1,475,000.00. Following the sale, the insider directly owned 31,884 shares in the company, valued at $1,881,156. This trade represents a 43.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 455,326 shares of company stock valued at $22,622,014 in the last three months. 0.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Symbotic

Several large investors have recently modified their holdings of SYM. GAMMA Investing LLC increased its position 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 acquiring an additional 1,341 shares during the period. Ulland Investment Advisors LLC bought a new position in Symbotic during the first quarter worth about $31,000. AdvisorNet Financial Inc bought a new position in Symbotic during the second quarter worth about $32,000. IAG Wealth Partners LLC bought a new position in Symbotic during the second quarter worth about $32,000. Finally, Gables Capital Management Inc. bought a new position in Symbotic during the second quarter worth about $39,000.

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.