Symbotic (NASDAQ:SYM) Downgraded by Wall Street Zen to "Sell"

Key Points

• Symbotic has been downgraded by Wall Street Zen, moving from a "hold" to a "sell" rating, indicating a negative shift in analyst sentiment towards the company's stock.
• Despite the downgrade, other analysts maintain varying positions, with six rating it as "buy" and two as "sell," resulting in a consensus rating of "hold" with a target price of $43.44.
• In recent financial reports, Symbotic reported a revenue of $592.12 million for the quarter, surpassing analyst estimates, but had a negative earnings per share of ($0.05), missing expectations.

Symbotic (NASDAQ:SYM - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

Other research analysts have also issued reports about the company. Citigroup reissued a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Arete cut Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price for the company. in a research note on Friday, July 25th. Baird R W lowered Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. DA Davidson reaffirmed a "neutral" rating and set a $47.00 target price (up from $35.00) on shares of Symbotic in a report on Monday, August 25th. Finally, Oppenheimer lifted their target price on Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a report on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Symbotic has a consensus rating of "Hold" and a consensus target price of $43.44.

Symbotic Stock Performance

Shares of SYM opened at $47.43 on Friday. The firm has a market capitalization of $28.01 billion, a price-to-earnings ratio of -677.47 and a beta of 2.06. Symbotic has a one year low of $16.32 and a one year high of $64.16. The stock's fifty day moving average is $48.59 and its 200-day moving average is $32.78.

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

Insider Activity at Symbotic

In other Symbotic news, Director Charles Kane sold 25,000 shares of Symbotic stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the transaction, the director owned 79,507 shares of the company's stock, valued at $3,786,123.34. The trade was a 23.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Rollin L. Ford sold 90,000 shares of Symbotic stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total value of $4,641,300.00. Following the transaction, the director directly owned 14,507 shares in the company, valued at approximately $748,125.99. This trade represents a 86.12% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 484,632 shares of company stock worth $23,837,791. Company insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Symbotic

Several institutional investors have recently made changes to their positions in the company. Total Investment Management Inc. acquired a new stake in shares of Symbotic during the 2nd quarter valued at about $132,000. Thrivent Financial for Lutherans acquired a new stake in shares of Symbotic during the 2nd quarter valued at about $245,000. FORA Capital LLC acquired a new stake in shares of Symbotic during the 2nd quarter valued at about $388,000. Headlands Technologies LLC lifted its holdings in shares of Symbotic by 199.8% during the 2nd quarter. Headlands Technologies LLC now owns 6,508 shares of the company's stock valued at $253,000 after buying an additional 4,337 shares during the last quarter. Finally, Captrust Financial Advisors acquired a new stake in shares of Symbotic during the 2nd quarter valued at about $411,000.

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.

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