Symbotic Inc. (NASDAQ:SYM) Receives $44.61 Average PT from Brokerages

Shares of Symbotic Inc. (NASDAQ:SYM) have earned an average rating of “Hold” from the twenty-three brokerages that are presently covering the company, Marketbeat reports. Three analysts have rated the stock with a sell recommendation, thirteen have given a hold recommendation and seven have given a buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $44.6111.

Several brokerages have commented on SYM. Deutsche Bank Aktiengesellschaft downgraded shares of Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price target for the company. in a report on Friday, July 18th. Barclays started coverage on Symbotic in a research report on Tuesday, October 7th. They issued an “underweight” rating and a $38.00 price objective on the stock. Robert W. Baird lowered Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a research note on Thursday, August 7th. Baird R W cut Symbotic from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 7th. Finally, Northcoast Research set a $65.00 price objective on Symbotic and gave the stock a “buy” rating in a report on Thursday, October 2nd.

Insider Activity at Symbotic

In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $76.75, for a total value of $307,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder David A. Ladensohn sold 13,500 shares of the firm’s stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $74.44, for a total transaction of $1,004,940.00. Following the sale, the insider owned 2,000 shares in the company, valued at approximately $148,880. This trade represents a 87.10% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 313,494 shares of company stock valued at $16,178,374. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in SYM. MAI Capital Management boosted its holdings in Symbotic by 833.3% during the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares during the period. Ameriflex Group Inc. boosted its stake in shares of Symbotic by 1,500.0% during the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after purchasing an additional 660 shares during the period. IAG Wealth Partners LLC bought a new position in shares of Symbotic in the second quarter worth approximately $32,000. AdvisorNet Financial Inc bought a new position in shares of Symbotic in the second quarter worth approximately $32,000. Finally, Gables Capital Management Inc. purchased a new position in shares of Symbotic in the second quarter worth $39,000.

Symbotic Trading Down 5.7%

SYM stock opened at $59.52 on Tuesday. The firm has a 50 day moving average of $63.17 and a 200-day moving average of $47.80. The firm has a market capitalization of $35.15 billion, a P/E ratio of -850.16, a price-to-earnings-growth ratio of 10.62 and a beta of 2.10. Symbotic has a 12 month low of $16.32 and a 12 month high of $84.00.

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.