Symbotic Inc. (NASDAQ:SYM) Receives $43.23 Average Price Target from Brokerages

Symbotic Inc. (NASDAQ:SYM - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the fourteen brokerages that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $43.23.

SYM has been the subject of several recent analyst reports. Craig Hallum reduced their target price on shares of Symbotic from $54.00 to $45.00 and set a "buy" rating for the company in a research note on Tuesday, July 30th. Robert W. Baird dropped their target price on shares of Symbotic from $53.00 to $41.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 31st. BWS Financial reaffirmed a "sell" rating and issued a $10.00 target price on shares of Symbotic in a report on Tuesday, July 30th. Vertical Research began coverage on Symbotic in a research report on Tuesday, July 23rd. They issued a "hold" rating and a $45.00 price objective on the stock. Finally, Northland Securities lowered their target price on Symbotic from $60.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 30th.

Insider Activity at Symbotic

In other news, insider Michael David Dunn sold 5,188 shares of Symbotic stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total value of $184,122.12. Following the completion of the transaction, the insider now directly owns 76,808 shares in the company, valued at $2,725,915.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, insider Michael David Dunn sold 5,188 shares of the business's stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $184,122.12. Following the completion of the transaction, the insider now owns 76,808 shares of the company's stock, valued at $2,725,915.92. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the sale, the director now directly owns 214,036 shares in the company, valued at approximately $4,013,175. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,909 shares of company stock worth $1,148,358. 38.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SYM. Quarry LP purchased a new stake in shares of Symbotic in the 2nd quarter valued at about $65,000. Sunbelt Securities Inc. increased its position in shares of Symbotic by 2,215.9% in the second quarter. Sunbelt Securities Inc. now owns 5,095 shares of the company's stock worth $179,000 after purchasing an additional 4,875 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Symbotic by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company's stock valued at $304,000 after purchasing an additional 679 shares in the last quarter. Millennium Management LLC lifted its position in Symbotic by 6,694.5% during the second quarter. Millennium Management LLC now owns 335,649 shares of the company's stock valued at $11,801,000 after purchasing an additional 330,709 shares during the last quarter. Finally, Marathon Capital Management lifted its position in Symbotic by 8.0% during the second quarter. Marathon Capital Management now owns 42,055 shares of the company's stock valued at $1,479,000 after purchasing an additional 3,115 shares during the last quarter.

Symbotic Stock Up 5.7 %

SYM stock traded up $1.11 during midday trading on Thursday, reaching $20.49. 2,289,115 shares of the company's stock traded hands, compared to its average volume of 1,569,729. The firm's fifty day moving average price is $27.22 and its 200-day moving average price is $36.33. Symbotic has a 52 week low of $17.11 and a 52 week high of $59.82. The company has a market cap of $11.98 billion, a price-to-earnings ratio of -85.38 and a beta of 1.81.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business had revenue of $491.86 million for the quarter, compared to the consensus estimate of $464.56 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. The company's revenue was up 57.7% on a year-over-year basis. Analysts forecast that Symbotic will post -0.08 earnings per share for the current year.

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.