Symbotic Inc. (NASDAQ:SYM) Receives Average Recommendation of “Hold” from Brokerages

Shares of Symbotic Inc. (NASDAQ:SYM) have received a consensus rating of “Hold” from the fifteen research firms that are presently covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $65.4167.

SYM has been the topic of several research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $75.00 price objective on shares of Symbotic in a research report on Thursday, August 6th. Weiss Ratings downgraded Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, September 4th. Barclays lowered their price target on Symbotic from $44.00 to $38.00 and set an “underweight” rating on the stock in a report on Tuesday, September 8th. The Goldman Sachs Group dropped their price target on Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a research note on Tuesday, May 26th. Finally, Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th.

Symbotic Price Performance

Shares of SYM stock opened at $42.13 on Monday. Symbotic has a one year low of $37.68 and a one year high of $87.88. The company’s fifty day moving average price is $41.90 and its 200-day moving average price is $47.69. The company has a market capitalization of $25.48 billion, a price-to-earnings ratio of 468.11, a PEG ratio of 6.69 and a beta of 1.94.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). The firm had revenue of $720.84 million during the quarter, compared to the consensus estimate of $715.03 million. Symbotic had a return on equity of 1.40% and a net margin of 0.48%.The company’s quarterly revenue was up 21.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.05) EPS. Equities research analysts expect that Symbotic will post 0.21 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other Symbotic news, insider William M. Boyd III sold 9,194 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $41.04, for a total value of $377,321.76. Following the sale, the insider owned 57,112 shares in the company, valued at $2,343,876.48. The trade was a 13.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Maria G. Freve sold 2,244 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $40.28, for a total transaction of $90,388.32. Following the transaction, the insider directly owned 3,096 shares of the company’s stock, valued at $124,706.88. This trade represents a 42.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 88,085 shares of company stock valued at $3,633,928 in the last ninety days. Corporate insiders own 8.16% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust increased its stake in Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock worth $32,000 after acquiring an additional 268 shares during the last quarter. Quarry LP bought a new position in shares of Symbotic during the 4th quarter valued at approximately $36,000. Parallel Advisors LLC grew its holdings in shares of Symbotic by 67.3% in the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after purchasing an additional 249 shares in the last quarter. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Symbotic in the fourth quarter valued at $48,000. Finally, NewEdge Advisors LLC grew 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 valued at $50,000 after purchasing an additional 573 shares in the last quarter.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for large-scale warehouses and distribution centers. Its systems are designed to automate the movement, storage and retrieval of pallets and cases, helping customers manage inventory and improve the efficiency of supply-chain operations.

The company’s platform combines robotics, machine learning, warehouse-control software and automated storage systems. Symbotic’s technology can receive goods, organize inventory, retrieve products and assemble orders for shipment, supporting distribution operations for retail and grocery companies.

Symbotic was founded in 2006 and is headquartered in Wilmington, Massachusetts.