Symbotic (NASDAQ:SYM) Upgraded at Wall Street Zen

Key Points

• Symbotic has been upgraded from a "sell" to a "hold" rating by analysts at Wall Street Zen, following a series of mixed ratings from other analysts.
• The company reported a quarterly revenue increase of 25.9% but missed earnings expectations, posting a loss of $0.05 per share compared to a projected profit.
• Insider selling has been significant, with executives selling over $24 million worth of stock in the past three months, raising concerns about confidence in the company's future.

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

Several other analysts have also issued reports on SYM. Deutsche Bank Aktiengesellschaft lowered shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price target on the stock. in a research report on Friday, July 18th. Zacks Research upgraded shares of Symbotic from a "strong sell" rating to a "hold" rating in a research report on Wednesday, October 1st. Citigroup restated a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. DA Davidson restated 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. Finally, Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $44.61.

Symbotic Trading Down 5.1%

NASDAQ:SYM opened at $63.73 on Friday. Symbotic has a 1 year low of $16.32 and a 1 year high of $71.29. The firm's fifty day simple moving average is $53.19 and its 200 day simple moving average is $39.19. The firm has a market capitalization of $37.63 billion, a PE ratio of -910.28, a PEG ratio of 13.01 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last posted 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 firm had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. During the same quarter in the previous year, the business posted ($0.02) earnings per share. The business's quarterly revenue was up 25.9% compared to the same quarter last year. As a group, analysts anticipate that Symbotic will post 0.13 EPS for the current fiscal year.

Insider Activity at Symbotic

In other news, Director Todd Krasnow sold 30,000 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $51.54, for a total transaction of $1,546,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $46.45, for a total transaction of $10,219,000.00. The disclosure for this sale can be found here. Insiders sold 478,326 shares of company stock worth $24,157,264 in the last ninety days. Company insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently added to or reduced their stakes in SYM. GAMMA Investing LLC lifted its holdings in Symbotic by 1,812.2% during the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock valued at $29,000 after purchasing an additional 1,341 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Symbotic by 44.1% in the first quarter. SG Americas Securities LLC now owns 33,986 shares of the company's stock worth $687,000 after acquiring an additional 10,401 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Symbotic by 11.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,285 shares of the company's stock worth $268,000 after acquiring an additional 1,357 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Symbotic by 18.0% in the first quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company's stock worth $13,758,000 after acquiring an additional 104,068 shares during the last quarter. Finally, Rakuten Securities Inc. raised its stake in shares of Symbotic by 36.5% in the first quarter. Rakuten Securities Inc. now owns 10,298 shares of the company's stock worth $208,000 after acquiring an additional 2,752 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.

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