Symbotic Inc. (NASDAQ:SYM) Given Average Rating of “Hold” by Brokerages

Shares of Symbotic Inc. (NASDAQ:SYM) have received an average recommendation of “Hold” from the sixteen ratings firms that are currently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $65.2308.

A number of research firms have weighed in on SYM. Weiss Ratings cut Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. Barclays increased their price objective on Symbotic from $42.00 to $44.00 and gave the stock an “underweight” rating in a research report on Monday, March 16th. UBS Group set a $70.00 price objective on Symbotic in a research report on Wednesday, February 18th. The Goldman Sachs Group decreased their price objective on Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a research report on Tuesday. Finally, Needham & Company LLC increased their price objective on Symbotic from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th.

Symbotic Trading Down 4.9%

Symbotic stock opened at $46.42 on Friday. Symbotic has a twelve month low of $27.26 and a twelve month high of $87.88. The stock has a 50 day moving average of $54.26 and a two-hundred day moving average of $58.24. The stock has a market capitalization of $27.98 billion, a price-to-earnings ratio of -928.21, a PEG ratio of 7.20 and a beta of 2.03.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.11). Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The company had revenue of $676.48 million for the quarter, compared to analyst estimates of $662.66 million. During the same period in the previous year, the business posted ($0.04) earnings per share. The firm’s revenue was up 23.1% compared to the same quarter last year. Equities analysts predict that Symbotic will post 0.23 earnings per share for the current year.

Insider Activity at Symbotic

In other news, Director Charles Kane sold 2,000 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $58.26, for a total transaction of $116,520.00. Following the completion of the transaction, the director directly owned 89,852 shares of the company’s stock, valued at approximately $5,234,777.52. This represents a 2.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO James Kuffner sold 3,878 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $53.51, for a total value of $207,511.78. Following the transaction, the chief technology officer directly owned 185,126 shares of the company’s stock, valued at approximately $9,906,092.26. This trade represents a 2.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 149,845 shares of company stock worth $8,414,964 in the last ninety days. Company insiders own 8.16% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Symbotic by 47.6% during the 4th quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company’s stock worth $412,463,000 after buying an additional 2,237,137 shares in the last quarter. Mutual Advisors LLC purchased a new position in shares of Symbotic during the 3rd quarter worth approximately $1,919,000. ARK Investment Management LLC raised its stake in shares of Symbotic by 32.4% during the 3rd quarter. ARK Investment Management LLC now owns 589,887 shares of the company’s stock worth $31,795,000 after buying an additional 144,389 shares in the last quarter. Handelsbanken Fonder AB raised its stake in shares of Symbotic by 54.3% during the 4th quarter. Handelsbanken Fonder AB now owns 423,020 shares of the company’s stock worth $25,170,000 after buying an additional 148,842 shares in the last quarter. Finally, M&T Bank Corp raised its stake in shares of Symbotic by 1,108.8% during the 4th quarter. M&T Bank Corp now owns 330,882 shares of the company’s stock worth $19,687,000 after buying an additional 303,510 shares in the last quarter.

Symbotic Company Profile

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.