Symbotic Inc. (NASDAQ:SYM) Given Consensus Recommendation of "Moderate Buy" by Brokerages

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

A number of research analysts have commented on the company. Arete assumed coverage on Symbotic in a research note on Wednesday, June 25th. They issued a "buy" rating and a $50.00 target price on the stock. Arete Research upgraded Symbotic to a "strong-buy" rating and set a $50.00 target price on the stock in a research note on Wednesday, June 25th. The Goldman Sachs Group decreased their price target on Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Northland Securities upped their price target on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Citigroup decreased their price target on Symbotic from $37.00 to $29.00 and set a "buy" rating for the company in a research note on Monday, April 14th.

Symbotic Stock Performance

Shares of SYM stock traded up $0.81 on Wednesday, reaching $47.97. 809,000 shares of the company's stock traded hands, compared to its average volume of 1,836,335. Symbotic has a 12-month low of $16.32 and a 12-month high of $48.40. The company has a market capitalization of $28.28 billion, a P/E ratio of -1,199.75, a price-to-earnings-growth ratio of 76.15 and a beta of 2.03. The business's 50 day moving average price is $31.53 and its two-hundred day moving average price is $26.74.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $522.36 million. During the same quarter in the prior year, the firm posted ($0.07) EPS. The business's quarterly revenue was up 39.7% compared to the same quarter last year. Research analysts predict that Symbotic will post 0.13 earnings per share for the current year.

Insider Transactions at Symbotic

In other Symbotic news, Director Todd Krasnow sold 5,940 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $26.38, for a total value of $156,697.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Carol J. Hibbard sold 4,628 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $22.62, for a total value of $104,685.36. Following the completion of the transaction, the chief financial officer directly owned 54,011 shares of the company's stock, valued at approximately $1,221,728.82. This trade represents a 7.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 48,616 shares of company stock worth $1,326,437. Insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds have recently modified their holdings of the stock. Amanah Holdings Trust acquired a new position in shares of Symbotic in the 2nd quarter worth approximately $19,824,000. Somerset Trust Co acquired a new position in shares of Symbotic in the 2nd quarter worth approximately $360,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Symbotic by 15.0% in the 1st 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 buying an additional 11,098 shares in the last quarter. S Squared Technology LLC raised its holdings in shares of Symbotic by 6.7% in the 1st quarter. S Squared Technology LLC now owns 480,000 shares of the company's stock worth $9,701,000 after buying an additional 30,000 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Symbotic by 16.2% during the 1st 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 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.