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

Key Points

• Symbotic has a consensus analyst rating of "Hold" from 16 covering firms, with five sells, four holds, and seven buys. The average 12-month price target is about $65.23.
• The stock fell 1.7% and was trading at $41.25, well below its 200-day moving average of $53.17. It has also swung between a 12-month low of $38.19 and a high of $87.88.
• In its latest quarterly report, Symbotic posted $0.01 EPS, missing estimates, while revenue of $676.48 million topped expectations and rose 23.1% year over year. Analysts currently expect the company to earn 0.23 EPS for the full year.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) have earned a consensus rating of "Hold" from the sixteen ratings firms that are presently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $65.2308.

Several brokerages recently weighed in on SYM. Zacks Research lowered shares of Symbotic from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 7th. DA Davidson reissued a "buy" rating and issued a $70.00 price target on shares of Symbotic in a research note on Monday, May 11th. The Goldman Sachs Group decreased their price objective on Symbotic from $54.00 to $45.00 and set a "sell" rating for the company in a research note on Tuesday, May 26th. Finally, Weiss Ratings downgraded Symbotic from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, May 11th.

Symbotic Stock Down 1.7%

Shares of SYM opened at $41.25 on Friday. The stock's fifty day simple moving average is $45.07 and its 200-day simple moving average is $53.17. The firm has a market capitalization of $24.86 billion, a PE ratio of -824.84, a price-to-earnings-growth ratio of 6.08 and a beta of 1.93. Symbotic has a 12-month low of $38.19 and a 12-month high of $87.88.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.11). The firm had revenue of $676.48 million for the quarter, compared to the consensus estimate of $662.65 million. Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The business's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.04) earnings per share. Analysts anticipate that Symbotic will post 0.23 EPS for the current year.

Insider Activity at Symbotic

In related news, insider Maria G. Freve sold 2,335 shares of Symbotic stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $60.08, for a total transaction of $140,286.80. Following the transaction, the insider owned 3,004 shares of the company's stock, valued at $180,480.32. This trade represents a 43.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider William M. Boyd III sold 9,194 shares of the business's stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $58.75, for a total transaction of $540,147.50. Following the transaction, the insider owned 62,227 shares of the company's stock, valued at approximately $3,655,836.25. This represents a 12.87% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 147,798 shares of company stock worth $8,221,095. 8.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in SYM. Royal Bank of Canada increased its position in shares of Symbotic by 28.8% in the 1st quarter. Royal Bank of Canada now owns 84,856 shares of the company's stock valued at $1,714,000 after buying an additional 18,967 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Symbotic by 15.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company's stock worth $1,716,000 after acquiring an additional 11,098 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Symbotic during the second quarter worth about $804,000. Invesco Ltd. grew its stake in Symbotic by 33.2% in the second quarter. Invesco Ltd. now owns 304,207 shares of the company's stock valued at $11,818,000 after acquiring an additional 75,828 shares during the period. Finally, Cresset Asset Management LLC acquired a new position in Symbotic in the second quarter valued at about $267,000.

About Symbotic

Symbotic Inc NASDAQ: SYM is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.

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