Symbotic Inc. (NASDAQ:SYM) Receives $43.23 Consensus PT from Brokerages

Shares of Symbotic Inc. (NASDAQ:SYM) have been given an average rating of “Moderate Buy” by the fourteen analysts that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $43.23.

A number of research firms have weighed in on SYM. KeyCorp reduced their target price on Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Craig Hallum lowered their price target on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Robert W. Baird reduced their price target 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 restated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Friday. Finally, The Goldman Sachs Group decreased their target price on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st.

Insiders Place Their Bets

In other Symbotic news, insider Michael David Dunn sold 1,895 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total transaction of $69,281.20. Following the completion of the transaction, the insider now owns 77,326 shares of the company’s stock, valued at $2,827,038.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Todd Krasnow sold 17,000 shares of Symbotic stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $21.46, for a total value of $364,820.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at $4,593,212.56. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael David Dunn sold 1,895 shares of Symbotic stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $36.56, for a total transaction of $69,281.20. Following the sale, the insider now directly owns 77,326 shares of the company’s stock, valued at $2,827,038.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,987 shares of company stock worth $1,066,559. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. RiverPark Advisors LLC purchased a new stake in shares of Symbotic in the first quarter valued at about $37,000. RFP Financial Group LLC raised its stake in shares of Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after acquiring an additional 310 shares in the last quarter. Quarry LP purchased a new position in shares of Symbotic during the second quarter worth approximately $65,000. Natixis Investment Managers International purchased a new position in shares of Symbotic in the first quarter worth $90,000. Finally, Van ECK Associates Corp boosted its holdings in Symbotic by 109.5% in the second quarter. Van ECK Associates Corp now owns 2,723 shares of the company’s stock valued at $96,000 after acquiring an additional 1,423 shares in the last quarter.

Symbotic Trading Up 8.8 %

Shares of NASDAQ SYM opened at $29.93 on Monday. The firm has a market cap of $17.50 billion, a P/E ratio of -124.71 and a beta of 1.84. Symbotic has a 1-year low of $17.11 and a 1-year high of $59.82. The business’s 50 day moving average is $22.30 and its 200-day moving average is $33.62.

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

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.