Symbotic Inc. (NASDAQ:SYM) Given Average Recommendation of "Hold" by Analysts

Key Points

• Symbotic Inc. has received a consensus analysts' rating of "Hold," with 2 sell ratings, 12 hold ratings, and 6 buy ratings, and an average one-year price target set at $43.44.
• The company's stock price recently opened at $47.73, showing a slight decline of 0.5%, and it has a market cap of approximately $28.18 billion.
• In its last quarterly earnings report, Symbotic missed EPS estimates, reporting ($0.05) against the consensus estimate of $0.03, despite a 25.9% year-over-year revenue increase to $592.12 million.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) has been given a consensus rating of "Hold" by the twenty analysts that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating on the company. The average 1 year target price among brokers that have covered the stock in the last year is $43.4375.

Several research firms have recently weighed in on SYM. Needham & Company LLC lifted their price objective on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Baird R W lowered Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Robert W. Baird lowered Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price objective for the company. in a research report on Thursday, August 7th. Zacks Research lowered Symbotic from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Finally, Oppenheimer lifted their price objective on Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th.

Symbotic Stock Down 0.5%

Shares of NASDAQ:SYM opened at $47.73 on Thursday. The firm has a market cap of $28.18 billion, a P/E ratio of -681.76 and a beta of 2.06. Symbotic has a 12-month low of $16.32 and a 12-month high of $64.16. The business has a fifty day simple moving average of $48.05 and a 200 day simple moving average of $32.51.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly 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). Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The firm had revenue of $592.12 million for the quarter, compared to the consensus estimate of $533.55 million. During the same period last year, the company posted ($0.02) EPS. The business's revenue was up 25.9% compared to the same quarter last year. As a group, equities research analysts expect that Symbotic will post 0.13 EPS for the current year.

Insider Activity at Symbotic

In other news, Director Charles Kane sold 25,000 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the transaction, the director owned 79,507 shares of the company's stock, valued at $3,786,123.34. This represents a 23.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Todd Krasnow sold 30,000 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total transaction of $1,546,200.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 484,632 shares of company stock worth $23,837,791. 0.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Walmart Inc. bought a new stake in shares of Symbotic during the fourth quarter worth about $355,650,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 acquiring an additional 187,538 shares in the last quarter. Raymond James Financial Inc. increased its position in shares of Symbotic by 12.1% during the first quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock worth $19,824,000 after acquiring an additional 105,616 shares in the last quarter. Exchange Traded Concepts LLC increased its position in shares of Symbotic by 18.0% during the first quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company's stock worth $13,758,000 after acquiring an additional 104,068 shares in the last quarter. Finally, TCW Group Inc. increased its position in shares of Symbotic by 1.8% during the first quarter. TCW Group Inc. now owns 593,442 shares of the company's stock worth $11,993,000 after acquiring an additional 10,487 shares in 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.

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