Symbotic (NASDAQ:SYM) Rating Increased to Hold at Zacks Research

Zacks Research upgraded shares of Symbotic (NASDAQ:SYM) from a strong sell rating to a hold rating in a research report report published on Wednesday,Zacks.com reports.

Several other equities research analysts have also recently issued reports on the stock. TD Cowen reiterated a “buy” rating on shares of Symbotic in a research report on Wednesday, December 3rd. Northcoast Research cut shares of Symbotic from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Symbotic from $55.00 to $63.00 and gave the stock a “hold” rating in a research note on Tuesday, November 25th. Needham & Company LLC raised their target price on shares of Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Finally, Citigroup reiterated an “outperform” rating on shares of Symbotic in a report on Thursday, February 5th. Six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, Symbotic currently has an average rating of “Hold” and a consensus price target of $60.57.

Symbotic Stock Down 3.0%

SYM stock traded down $1.67 during trading on Wednesday, reaching $53.42. The company’s stock had a trading volume of 684,806 shares, compared to its average volume of 2,102,146. The company’s fifty day moving average is $60.82 and its 200-day moving average is $60.57. The company has a market capitalization of $32.16 billion, a P/E ratio of -535.45, a price-to-earnings-growth ratio of 7.20 and a beta of 2.13. Symbotic has a 1 year low of $16.32 and a 1 year high of $87.88.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Wednesday, February 4th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.06). The business had revenue of $629.99 million during the quarter, compared to the consensus estimate of $622.58 million. Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The business’s revenue was up 29.4% on a year-over-year basis. During the same period last year, the company earned ($0.03) EPS. Analysts anticipate that Symbotic will post 0.13 earnings per share for the current year.

Insider Activity

In other Symbotic news, major shareholder Group Corp. Softbank sold 3,500,000 shares of the stock in a transaction on Monday, December 8th. The stock was sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the sale, the insider owned 5,590,000 shares in the company, valued at approximately $297,443,900. This represents a 38.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rollin L. Ford sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $57.51, for a total transaction of $3,450,600.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,204,212 shares of company stock worth $385,123,962 in the last three months. Company insiders own 8.16% of the company’s stock.

Institutional Trading of Symbotic

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Symbotic by 47.6% in the fourth quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company’s stock valued at $412,463,000 after buying an additional 2,237,137 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Symbotic by 51,346.1% during the 4th quarter. JPMorgan Chase & Co. now owns 2,174,372 shares of the company’s stock valued at $129,375,000 after purchasing an additional 2,178,615 shares during the period. Morgan Stanley increased its position in Symbotic by 85.4% in the fourth quarter. Morgan Stanley now owns 2,530,874 shares of the company’s stock worth $150,587,000 after buying an additional 1,165,513 shares during the period. Ghisallo Capital Management LLC bought a new stake in Symbotic in the fourth quarter valued at $63,034,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Symbotic during the third quarter worth approximately $34,296,000.

About Symbotic

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.