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

Key Points

• Analyst sentiment is cautious on Symbotic, with a consensus rating of "Hold" from 16 brokerages. The average 12-month target price is about $65.23, with more analysts rating it buy than sell, but enough bearish views to keep the overall rating neutral.
• Several firms recently cut ratings or lowered price targets, including Weiss Ratings and Goldman Sachs, while Barclays maintained an underweight view. This suggests mixed and somewhat weakening near-term Wall Street conviction in the stock.
• Symbotic reported Q2 revenue growth of 23.1% to $676.48 million, but earnings came in well below expectations at $0.01 EPS vs. $0.12 expected. The stock also traded down sharply, opening at $38.57, far below its 52-week high of $87.88.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) have been given a consensus rating of "Hold" by the sixteen brokerages that are covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a sell recommendation, five have given a hold recommendation and seven have given a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $65.2308.

Several brokerages have weighed in on SYM. Weiss Ratings cut Symbotic from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, May 11th. The Goldman Sachs Group decreased their target price on Symbotic from $54.00 to $45.00 and set a "sell" rating for the company in a research report on Tuesday, May 26th. Wall Street Zen lowered Symbotic from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. DA Davidson restated a "buy" rating and set a $70.00 target price on shares of Symbotic in a research report on Monday, May 11th. Finally, Barclays boosted their target price on Symbotic from $42.00 to $44.00 and gave the stock an "underweight" rating in a research report on Monday, March 16th.

Insider Activity at Symbotic

In other news, insider William M. Boyd III sold 9,194 shares of the business's stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $58.75, for a total transaction of $540,147.50. Following the completion of the transaction, the insider directly owned 62,227 shares in the company, valued at approximately $3,655,836.25. The trade was a 12.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Maria G. Freve sold 2,335 shares of the business's stock in a transaction dated Friday, April 24th. The stock was sold at an average price of $60.08, for a total value of $140,286.80. Following the transaction, the insider owned 3,004 shares of the company's stock, valued at $180,480.32. The trade was a 43.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 144,431 shares of company stock worth $8,141,204. 8.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently modified their holdings of the stock. MAI Capital Management grew its position in shares of Symbotic by 833.3% in the 3rd quarter. MAI Capital Management now owns 560 shares of the company's stock valued at $30,000 after purchasing an additional 500 shares during the period. Parkside Financial Bank & Trust grew its position in shares of Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company's stock valued at $32,000 after purchasing an additional 268 shares during the period. Quarry LP acquired a new position in shares of Symbotic in the 4th quarter valued at approximately $36,000. Parallel Advisors LLC grew its position in shares of Symbotic by 67.3% in the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company's stock valued at $37,000 after purchasing an additional 249 shares during the period. Finally, Ameriflex Group Inc. grew its position in shares of Symbotic by 1,500.0% in the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company's stock valued at $38,000 after purchasing an additional 660 shares during the period.

Symbotic Trading Down 4.1%

Shares of NASDAQ:SYM opened at $38.57 on Wednesday. The stock has a market capitalization of $23.25 billion, a P/E ratio of -771.25, a P/E/G ratio of 5.93 and a beta of 1.91. Symbotic has a 1-year low of $32.09 and a 1-year high of $87.88. The business has a 50-day moving average price of $51.12 and a two-hundred day moving average price of $55.32.

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 $662.66 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. As a group, equities analysts predict that Symbotic will post 0.23 EPS for the current year.

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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