Symbotic (NASDAQ:SYM) Given "Sell" Rating at UBS Group

Key Points

• UBS Group has reiterated a "sell" rating for Symbotic (NASDAQ:SYM), setting a price target of $35.00, indicating a potential downside of 42.37% from the current stock price.
• Other analysts have issued mixed ratings, with Needham & Company raising their target to $57.00 and rating it as a "buy," while Baird downgraded it to a "hold."
• Symbotic reported earnings of ($0.05) per share, missing expectations of $0.03, but showed a revenue increase of 25.9% year-over-year, totaling $592.12 million for the quarter.

Symbotic (NASDAQ:SYM - Get Free Report)'s stock had its "sell" rating reiterated by stock analysts at UBS Group in a report released on Tuesday,Benzinga reports. They presently have a $35.00 price target on the stock, up from their previous price target of $27.00. UBS Group's price target indicates a potential downside of 42.37% from the company's current price.

Other research analysts also recently issued research reports about the stock. Needham & Company LLC upped their price objective on shares of Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Baird R W downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Arete cut shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target on the stock. in a report on Friday, July 25th. Northland Securities lifted their target price on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Finally, DA Davidson reiterated a "neutral" rating and issued a $47.00 price target (up from $35.00) on shares of Symbotic in a research report on Monday, August 25th. Six equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Symbotic has an average rating of "Hold" and an average price target of $43.75.

Symbotic Price Performance

Shares of NASDAQ:SYM opened at $60.73 on Tuesday. The company has a market capitalization of $35.86 billion, a price-to-earnings ratio of -867.45 and a beta of 2.05. Symbotic has a 1 year low of $16.32 and a 1 year high of $64.16. The business's 50-day moving average is $51.02 and its 200-day moving average is $35.70.

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

Insider Buying and Selling

In related news, Director Todd Krasnow sold 30,000 shares of the stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total transaction of $1,546,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles Kane sold 25,000 shares of the company's stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the sale, the director directly owned 79,507 shares in the company, valued at approximately $3,786,123.34. The trade was a 23.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold 483,032 shares of company stock worth $23,897,448 in the last quarter. 0.60% of the stock is owned by insiders.

Institutional Trading of Symbotic

A number of institutional investors have recently bought and sold shares of the stock. Private Trust Co. NA boosted its stake in shares of Symbotic by 10.0% in the second quarter. Private Trust Co. NA now owns 2,200 shares of the company's stock worth $85,000 after buying an additional 200 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Symbotic by 24.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock valued at $69,000 after buying an additional 342 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Symbotic by 7.1% during the second quarter. PNC Financial Services Group Inc. now owns 6,354 shares of the company's stock worth $247,000 after purchasing an additional 422 shares in the last quarter. Main Management ETF Advisors LLC lifted its stake in shares of Symbotic by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 29,320 shares of the company's stock worth $1,139,000 after buying an additional 480 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of Symbotic by 81.5% in the second quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock valued at $50,000 after purchasing an additional 573 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.

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