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

Key Points

• Symbotic has been downgraded from a "hold" rating to a "sell" rating by Wall Street Zen, marking a shift in analyst sentiment regarding the stock.
• Several analysts have recently adjusted their ratings on Symbotic, with a consensus rating of "Hold" and an average target price of $43.75.
• Despite a miss on earnings per share for the quarter, Symbotic reported significant revenue growth of 25.9% year-over-year, totaling $592.12 million.

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

SYM has been the topic of a number of other reports. Robert W. Baird lowered shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price on the stock. in a report on Thursday, August 7th. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Deutsche Bank Aktiengesellschaft lowered Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price target on the stock. in a research note on Friday, July 18th. Needham & Company LLC lifted their price objective on Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, DA Davidson reiterated a "neutral" rating and set a $47.00 target price (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 stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $43.75.

Symbotic Stock Performance

SYM stock opened at $52.14 on Friday. Symbotic has a 1 year low of $16.32 and a 1 year high of $64.16. The stock's 50 day moving average price is $51.04 and its 200 day moving average price is $36.37. The firm has a market cap of $30.79 billion, a P/E ratio of -744.75 and a beta of 2.05.

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

Insider Buying and Selling at Symbotic

In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the business's stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $45.64, for a total transaction of $182,560.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Maria G. Freve sold 2,000 shares of the firm's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $51.93, for a total transaction of $103,860.00. Following the completion of the transaction, the insider directly owned 1,312 shares in the company, valued at approximately $68,132.16. This represents a 60.39% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 483,032 shares of company stock worth $23,897,448. Company insiders own 0.60% of the company's stock.

Institutional Trading of Symbotic

Several large investors have recently added to or reduced their stakes in the stock. Amanah Holdings Trust acquired a new position in Symbotic during the 2nd quarter worth approximately $19,824,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Symbotic by 21.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock worth $348,000 after purchasing an additional 3,024 shares in the last quarter. Amundi lifted its position in shares of Symbotic by 53.0% during the first quarter. Amundi now owns 72,192 shares of the company's stock worth $1,459,000 after purchasing an additional 24,993 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Symbotic by 35.7% in the first quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company's stock valued at $1,224,000 after purchasing an additional 15,947 shares during the period. Finally, Freemont Management S.A. acquired a new stake in Symbotic during the 1st quarter valued at $1,479,000.

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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