Weiss Ratings Reiterates Hold (C-) Rating for Symbotic (NASDAQ:SYM)

Key Points

• Weiss Ratings has reaffirmed a "hold (C-)" rating for Symbotic (NASDAQ:SYM), indicating a cautious outlook on the stock's performance.
• Symbotic's stock has seen recent price target adjustments, with DA Davidson setting a price target of $47.00 and Needham & Company raising it to $57.00, reflecting varying analyst confidence.
• The company reported a revenue of $592.12 million for the last quarter, which was above analysts' expectations, although it posted a negative earnings per share (EPS) of ($0.05), missing consensus estimates.

Symbotic (NASDAQ:SYM - Get Free Report)'s stock had its "hold (c-)" rating reaffirmed by Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

A number of other research analysts have also recently weighed in on the stock. DA Davidson reissued a "neutral" rating and set a $47.00 price objective (up from $35.00) on shares of Symbotic in a research note on Monday, August 25th. UBS Group reissued 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. Needham & Company LLC raised their price objective on shares of Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Finally, Wall Street Zen cut shares of Symbotic from a "hold" rating to a "sell" rating in a research note on Friday, September 26th. Seven research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Symbotic presently has a consensus rating of "Hold" and an average price target of $44.61.

Symbotic Trading Up 0.6%

Shares of Symbotic stock opened at $68.83 on Wednesday. Symbotic has a 12-month low of $16.32 and a 12-month high of $71.29. The stock has a market cap of $40.64 billion, a PE ratio of -983.15, a price-to-earnings-growth ratio of 13.26 and a beta of 2.06. The company has a 50-day moving average of $52.67 and a two-hundred day moving average of $38.61.

Symbotic (NASDAQ:SYM - Get Free Report) last issued 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 during the quarter, compared to analysts' expectations of $533.55 million. During the same period last year, the business posted ($0.02) earnings per share. The company's quarterly revenue was up 25.9% on a year-over-year basis. On average, sell-side analysts forecast that Symbotic will post 0.13 EPS for the current fiscal year.

Insider Activity at Symbotic

In other news, Director Todd Krasnow sold 4,000 shares of the business's stock in a transaction on Monday, October 6th. The shares were sold at an average price of $67.02, for a total transaction of $268,080.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Maria G. Freve sold 2,000 shares of the business'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 sale, the insider directly owned 1,312 shares of the company's stock, valued at $68,132.16. This represents a 60.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 455,326 shares of company stock worth $22,622,014. 0.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Hedge funds and other institutional investors have recently made changes to their positions in the business. Amanah Holdings Trust purchased a new stake in Symbotic during the 2nd quarter worth $19,824,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Symbotic by 21.3% during the 1st 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 during the period. Amundi boosted its position in Symbotic by 53.0% during the 1st quarter. Amundi now owns 72,192 shares of the company's stock worth $1,459,000 after purchasing an additional 24,993 shares during the period. Bank of New York Mellon Corp boosted its position in Symbotic by 35.7% during the 1st quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company's stock worth $1,224,000 after purchasing an additional 15,947 shares during the period. Finally, Freemont Management S.A. acquired a new stake in shares of Symbotic in the first quarter valued at about $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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