Symbotic (NASDAQ:SYM) Now Covered by Analysts at Northcoast Research

Key Points

• Northcoast Research has initiated coverage on Symbotic (NASDAQ:SYM), assigning a "buy" rating and a price target of $65.00, indicating a potential upside from the stock's current price.
• Although Northcoast is bullish, other analysts have varied ratings, with Deutsche Bank lowering its rating to "hold" with a $51.00 price target and UBS maintaining a "sell" rating with a new price objective of $35.00.
• Symbotic posted a net margin of -0.38% in its recent quarterly earnings report, missing the expected profit, while showing a 25.9% increase in revenue year-over-year.

Equities researchers at Northcoast Research assumed coverage on shares of Symbotic (NASDAQ:SYM - Get Free Report) in a research note issued to investors on Thursday, MarketBeat Ratings reports. The firm set a "buy" rating and a $65.00 price target on the stock. Northcoast Research's price objective indicates a potential upside of 3.01% from the stock's current price.

SYM has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft lowered shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective for the company. in a research note on Friday, July 18th. Robert W. Baird lowered shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price objective for the company. in a research note on Thursday, August 7th. Zacks Research upgraded shares of Symbotic from a "strong sell" rating to a "hold" rating in a research note on Wednesday. UBS Group restated a "sell" rating and set a $35.00 price objective (up from $27.00) on shares of Symbotic in a research note on Tuesday, September 23rd. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Symbotic in a research note on Saturday, September 27th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $45.00.

Symbotic Price Performance

Shares of NASDAQ SYM opened at $63.10 on Thursday. Symbotic has a 1 year low of $16.32 and a 1 year high of $65.17. The stock has a market cap of $37.26 billion, a P/E ratio of -901.30, a price-to-earnings-growth ratio of 12.33 and a beta of 2.06. The firm has a 50-day moving average of $51.69 and a 200 day moving average of $37.65.

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

Insider Transactions at Symbotic

In other news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of Symbotic stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $46.45, for a total value of $10,219,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider William M. Boyd III sold 2,455 shares of Symbotic stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $50.58, for a total transaction of $124,173.90. Following the completion of the sale, the insider owned 29,429 shares of the company's stock, valued at $1,488,518.82. This represents a 7.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 483,032 shares of company stock valued at $23,897,448. Company insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

Institutional investors and hedge funds have recently made changes to their positions in the business. IAG Wealth Partners LLC purchased a new position in shares of Symbotic in the second quarter worth approximately $32,000. AdvisorNet Financial Inc purchased a new position in shares of Symbotic in the second quarter worth approximately $32,000. Gables Capital Management Inc. purchased a new position in shares of Symbotic in the second quarter worth approximately $39,000. NewEdge Advisors LLC boosted 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 worth $50,000 after buying an additional 573 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock worth $29,000 after buying an additional 1,341 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.