Symbotic (NASDAQ:SYM) Lowered to Hold Rating by Craig Hallum

Symbotic (NASDAQ:SYM) was downgraded by investment analysts at Craig Hallum from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Briefing.com Automated Import reports. They currently have a $25.00 target price on the stock. Craig Hallum’s price target indicates a potential upside of 8.37% from the stock’s previous close.

A number of other analysts also recently issued reports on the stock. BWS Financial reissued a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. KeyCorp restated a “sector weight” rating on shares of Symbotic in a research note on Wednesday. Robert W. Baird cut their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. Finally, Northland Securities increased their price objective on shares of Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.69.

Symbotic Trading Down 38.3 %

Shares of Symbotic stock traded down $14.34 during trading on Wednesday, hitting $23.07. 18,770,452 shares of the stock were exchanged, compared to its average volume of 1,691,707. The company has a fifty day moving average price of $28.98 and a 200-day moving average price of $30.82. The stock has a market capitalization of $13.51 billion, a price-to-earnings ratio of -384.50 and a beta of 1.81. Symbotic has a 1-year low of $17.11 and a 1-year high of $59.82.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. The business had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. Symbotic’s revenue was up 47.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) EPS. Equities research analysts forecast that Symbotic will post 0.2 EPS for the current fiscal year.

Insider Activity

In related news, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the transaction, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. The trade was a 40.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael David Dunn sold 5,266 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total transaction of $125,383.46. Following the transaction, the insider now directly owns 85,224 shares in the company, valued at $2,029,183.44. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,878 shares of company stock valued at $1,378,056 over the last quarter. 38.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC bought a new stake in shares of Symbotic during the third quarter worth about $1,029,000. Barclays PLC increased its holdings in Symbotic by 1,105.9% during the 3rd quarter. Barclays PLC now owns 9,346 shares of the company’s stock worth $228,000 after purchasing an additional 8,571 shares in the last quarter. TCW Group Inc. boosted its position in shares of Symbotic by 0.8% during the third quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock valued at $9,372,000 after buying an additional 3,075 shares during the last quarter. Sunbelt Securities Inc. grew its holdings in Symbotic by 161.6% during the third quarter. Sunbelt Securities Inc. now owns 13,330 shares of the company’s stock worth $325,000 after buying an additional 8,235 shares in the last quarter. Finally, First Dallas Securities Inc. raised its position in Symbotic by 61.2% in the 3rd quarter. First Dallas Securities Inc. now owns 32,400 shares of the company’s stock valued at $790,000 after buying an additional 12,300 shares during the last quarter.

About Symbotic

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.