Symbotic Inc. (NASDAQ:SYM) Receives Average Rating of "Hold" from Brokerages

Key Points

• Symbotic Inc. has received an average recommendation of "Hold" from analysts, with two sell ratings, twelve hold ratings, and six buy ratings.
• The company reported a net loss of ($0.05) EPS for the last quarter, missing analysts' expectations, but its revenue increased by 25.9% year-over-year to $592.12 million.
• Insider trading activity includes significant sales, notably by Director Charles Kane, who sold 25,000 shares, reflecting a 23.92% reduction in his holdings.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) has been given a consensus rating of "Hold" by the twenty ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, twelve have given a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $43.4375.

Several research firms recently issued reports on SYM. DA Davidson reiterated a "neutral" rating and set a $47.00 price target (up previously from $35.00) on shares of Symbotic in a research report on Monday, August 25th. Arete Research downgraded shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Oppenheimer increased their target price on shares of Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research note on Thursday, August 7th. Northland Securities boosted their price objective on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Citigroup reissued a "buy" rating on shares of Symbotic in a research report on Monday, July 14th.

Symbotic Stock Performance

NASDAQ:SYM traded up $3.68 during mid-day trading on Monday, hitting $60.73. 3,382,565 shares of the stock were exchanged, compared to its average volume of 1,579,270. The firm's 50-day simple moving average is $51.02 and its 200 day simple moving average is $35.70. Symbotic has a fifty-two week low of $16.32 and a fifty-two week high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.08). The firm had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The business's revenue for the quarter was up 25.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.02) earnings per share. Research analysts anticipate that Symbotic will post 0.13 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $46.45, for a total transaction of $10,219,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William M. Boyd III sold 25,000 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were 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 approximately $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 483,032 shares of company stock valued at $23,897,448 in the last quarter. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in Symbotic by 1,812.2% during the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock valued at $29,000 after purchasing an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC purchased a new position in shares of Symbotic in the first quarter worth approximately $31,000. AdvisorNet Financial Inc purchased a new position in Symbotic during the second quarter valued at approximately $32,000. IAG Wealth Partners LLC purchased a new stake in Symbotic in the 2nd quarter worth $32,000. Finally, Gables Capital Management Inc. bought a new stake in Symbotic during the 2nd quarter valued at approximately $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.