Symbotic Inc. (NASDAQ:SYM) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the nineteen ratings firms that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, seven have given a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $39.59.

SYM has been the topic of several recent research reports. Arete assumed coverage on shares of Symbotic in a research note on Wednesday, June 25th. They set a "buy" rating and a $50.00 target price on the stock. Citigroup decreased their target price on Symbotic from $37.00 to $29.00 and set a "buy" rating for the company in a report on Monday, April 14th. Northland Securities boosted their target price on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday. The Goldman Sachs Group reduced 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. Finally, Arete Research raised Symbotic to a "strong-buy" rating and set a $50.00 price objective for the company in a research report on Wednesday, June 25th.

Symbotic Price Performance

SYM traded down $0.80 during trading hours on Wednesday, reaching $47.01. The company's stock had a trading volume of 1,613,544 shares, compared to its average volume of 2,049,466. The stock has a market cap of $27.72 billion, a PE ratio of -1,175.30, a P/E/G ratio of 49.12 and a beta of 2.03. Symbotic has a fifty-two week low of $16.32 and a fifty-two week high of $49.86. The business's 50-day moving average is $32.04 and its 200-day moving average is $26.89.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). The company had revenue of $549.65 million during the quarter, compared to analysts' expectations of $522.36 million. Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The firm's quarterly revenue was up 39.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.07) earnings per share. Analysts expect that Symbotic will post 0.13 EPS for the current year.

Insider Buying and Selling

In other news, insider William M. Boyd III sold 2,455 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $31.07, for a total value of $76,276.85. Following the completion of the sale, the insider owned 34,544 shares in the company, valued at approximately $1,073,282.08. This trade represents a 6.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Carol J. Hibbard sold 4,628 shares of Symbotic stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $22.62, for a total transaction of $104,685.36. Following the completion of the sale, the chief financial officer directly owned 54,011 shares in the company, valued at approximately $1,221,728.82. The trade was a 7.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 48,616 shares of company stock valued at $1,326,437 in the last quarter. 0.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently modified their holdings of SYM. Farther Finance Advisors LLC grew its holdings in Symbotic by 24.0% in the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock valued at $69,000 after purchasing an additional 342 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Symbotic by 1.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 48,672 shares of the company's stock valued at $1,154,000 after buying an additional 619 shares during the last quarter. Swiss National Bank grew its holdings in Symbotic by 0.9% during the 1st quarter. Swiss National Bank now owns 82,400 shares of the company's stock valued at $1,665,000 after buying an additional 700 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Symbotic by 4.6% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,208 shares of the company's stock valued at $348,000 after acquiring an additional 757 shares in the last quarter. Finally, Spire Wealth Management boosted its stake in shares of Symbotic by 8.0% during the first quarter. Spire Wealth Management now owns 13,596 shares of the company's stock valued at $275,000 after acquiring an additional 1,012 shares during the last quarter.

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.