Arete Research Initiates Coverage on Symbotic (NASDAQ:SYM)

Arete Research initiated coverage on shares of Symbotic (NASDAQ:SYM - Get Free Report) in a research note issued to investors on Wednesday,Benzinga reports. The brokerage set a "buy" rating and a $50.00 price target on the stock. Arete Research's price objective points to a potential upside of 41.78% from the company's previous close.

SYM has been the topic of several other research reports. Arete initiated coverage on shares of Symbotic in a report on Wednesday. They set a "buy" rating and a $50.00 price objective on the stock. BWS Financial reiterated a "sell" rating and set a $10.00 price target on shares of Symbotic in a research note on Wednesday, April 2nd. Citigroup decreased their target price on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. UBS Group cut their target price on Symbotic from $32.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, February 25th. Finally, The Goldman Sachs Group lowered their price target on Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, Symbotic presently has an average rating of "Moderate Buy" and an average target price of $38.71.

Symbotic Price Performance

Shares of SYM stock traded up $3.07 during trading on Wednesday, reaching $35.27. The company had a trading volume of 1,531,973 shares, compared to its average volume of 1,978,120. The firm's 50 day simple moving average is $26.84 and its two-hundred day simple moving average is $25.49. Symbotic has a one year low of $16.32 and a one year high of $41.76. The company has a market capitalization of $20.79 billion, a PE ratio of -879.63, a PEG ratio of 54.82 and a beta of 1.95.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The business had revenue of $549.65 million for the quarter, compared to the consensus estimate of $522.36 million. During the same quarter in the previous year, the company earned ($0.07) EPS. Symbotic's revenue for the quarter was up 39.7% compared to the same quarter last year. Analysts forecast that Symbotic will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the business's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $17.51, for a total transaction of $35,020.00. Following the completion of the transaction, the director now owns 194,036 shares in the company, valued at approximately $3,397,570.36. The trade was a 1.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael David Dunn sold 2,040 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $22.24, for a total transaction of $45,369.60. Following the completion of the sale, the insider now owns 23,822 shares in the company, valued at approximately $529,801.28. This trade represents a 7.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 48,656 shares of company stock worth $1,220,907. Insiders own 0.60% of the company's stock.

Institutional Trading of Symbotic

Large investors have recently made changes to their positions in the company. Walmart Inc. bought a new position in Symbotic during the fourth quarter worth about $355,650,000. Vanguard Group Inc. grew its holdings in shares of Symbotic by 41.3% during the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock worth $117,846,000 after buying an additional 1,452,627 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of 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 buying an additional 187,538 shares in the last quarter. Raymond James Financial Inc. raised its position in Symbotic by 12.1% in the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock valued at $19,824,000 after buying an additional 105,616 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Symbotic by 25.9% during the 4th quarter. Invesco Ltd. now owns 727,890 shares of the company's stock worth $17,258,000 after acquiring an additional 149,918 shares during the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.