Symbotic Inc. (NASDAQ:SYM) Given Average Recommendation of "Moderate Buy" by Brokerages

Symbotic Inc. (NASDAQ:SYM - Get Free Report) has been assigned an average rating of "Moderate Buy" from the fourteen ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $42.54.

SYM has been the subject of a number of research analyst reports. Cantor Fitzgerald restated an "overweight" rating and issued a $60.00 target price on shares of Symbotic in a report on Tuesday, November 19th. TD Cowen increased their price objective on Symbotic from $43.00 to $50.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Craig Hallum cut Symbotic from a "buy" rating to a "hold" rating and set a $25.00 target price on the stock. in a research note on Wednesday, November 27th. The Goldman Sachs Group reduced their price target on shares of Symbotic from $34.00 to $28.00 and set a "neutral" rating for the company in a research report on Wednesday, December 4th. Finally, Northland Securities boosted their price objective on shares of Symbotic from $50.00 to $53.00 and gave the company an "outperform" rating in a research report on Tuesday, November 19th.

Insider Transactions at Symbotic

In related news, insider Michael David Dunn sold 5,266 shares of the company's stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total transaction of $125,383.46. Following the transaction, the insider now owns 85,224 shares in the company, valued at $2,029,183.44. This represents a 5.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William M. Boyd III sold 8,826 shares of the company's stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the transaction, the insider now owns 23,012 shares in the company, valued at $651,929.96. The trade was a 27.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,745 shares of company stock valued at $3,261,675. Corporate insiders own 38.30% of the company's stock.

Institutional Investors Weigh In On Symbotic

Institutional investors have recently modified their holdings of the business. Castleview Partners LLC increased its stake in shares of Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company's stock valued at $37,000 after acquiring an additional 500 shares during the last quarter. The Manufacturers Life Insurance Company increased 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. Van ECK Associates Corp raised its holdings in Symbotic by 28.4% in the third quarter. Van ECK Associates Corp now owns 3,497 shares of the company's stock worth $85,000 after purchasing an additional 774 shares during the period. First Dallas Securities Inc. boosted its position in shares of Symbotic by 4.1% during the second quarter. First Dallas Securities Inc. now owns 20,100 shares of the company's stock worth $707,000 after purchasing an additional 800 shares in the last quarter. Finally, National Bank of Canada FI grew its holdings in shares of Symbotic by 36.8% in the 3rd quarter. National Bank of Canada FI now owns 3,557 shares of the company's stock valued at $87,000 after buying an additional 957 shares during the period.

Symbotic Trading Up 4.1 %

SYM stock traded up $0.95 during trading hours on Friday, hitting $23.99. 3,249,745 shares of the stock traded hands, compared to its average volume of 1,821,910. The stock has a 50-day simple moving average of $29.46 and a 200 day simple moving average of $28.91. Symbotic has a one year low of $17.11 and a one year high of $57.16. The company has a market cap of $14.09 billion, a P/E ratio of -399.83 and a beta of 1.73.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same quarter in the previous year, the business posted ($0.08) earnings per share. The firm's quarterly revenue was up 47.2% compared to the same quarter last year. Analysts forecast that Symbotic will post 0.12 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.