Symbotic (NASDAQ:SYM) Rating Lowered to “Sell” at Wall Street Zen

Symbotic (NASDAQ:SYM) was downgraded by Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

SYM has been the topic of a number of other reports. Oppenheimer increased their target price on Symbotic from $54.00 to $59.00 and gave the stock an “outperform” rating in a research note on Thursday, August 7th. UBS Group reiterated a “sell” rating and issued a $35.00 price target (up previously from $27.00) on shares of Symbotic in a research note on Tuesday, September 23rd. Arete lowered shares of Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price objective for the company. in a research note on Friday, July 25th. Baird R W cut shares of Symbotic from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 7th. Finally, Northcoast Research set a $65.00 target price on shares of Symbotic and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Seven analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $44.41.

Symbotic Stock Down 2.0%

Symbotic stock opened at $53.64 on Friday. Symbotic has a twelve month low of $16.32 and a twelve month high of $84.00. The company has a market capitalization of $31.67 billion, a P/E ratio of -766.18, a PEG ratio of 9.03 and a beta of 2.10. The stock’s 50 day moving average is $63.98 and its 200 day moving average is $49.54.

Insider Activity at Symbotic

In other news, major shareholder David A. Ladensohn sold 13,500 shares of Symbotic stock in a transaction that occurred on Thursday, October 16th. The shares were sold at an average price of $74.44, for a total value of $1,004,940.00. Following the completion of the sale, the insider directly owned 2,000 shares in the company, valued at $148,880. The trade was a 87.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William M. Boyd III sold 11,735 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $82.09, for a total transaction of $963,326.15. Following the transaction, the insider directly owned 26,769 shares of the company’s stock, valued at $2,197,467.21. The trade was a 30.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 68,160 shares of company stock worth $4,761,942. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

Hedge funds and other institutional investors have recently modified their holdings of the company. MAI Capital Management boosted its stake in shares of Symbotic by 833.3% in the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after buying an additional 500 shares during the last quarter. AdvisorNet Financial Inc bought a new position in Symbotic in the second quarter valued at about $32,000. IAG Wealth Partners LLC purchased a new position in Symbotic in the second quarter worth about $32,000. Ameriflex Group Inc. boosted its position in Symbotic by 1,500.0% in the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock worth $38,000 after purchasing an additional 660 shares during the last quarter. Finally, Gables Capital Management Inc. bought a new stake in shares of Symbotic during the 2nd quarter valued at about $39,000.

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.