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

Craig Hallum cut shares of Symbotic (NASDAQ:SYM) from a buy rating to a hold rating in a research note published on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has $25.00 target price on the stock.

Other research analysts also recently issued research reports about the stock. DA Davidson downgraded shares of Symbotic from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $50.00 to $35.00 in a report on Wednesday. BWS Financial restated a “sell” rating and set a $10.00 price target on shares of Symbotic in a report on Tuesday, November 19th. Robert W. Baird decreased their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a report on Tuesday, November 19th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a research note on Wednesday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $42.69.

Symbotic Trading Down 35.8 %

Shares of SYM opened at $24.00 on Wednesday. The business’s 50 day moving average is $28.96 and its 200 day moving average is $30.77. Symbotic has a 12-month low of $17.11 and a 12-month high of $59.82. The company has a market capitalization of $14.05 billion, a PE ratio of -400.00 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 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 6.54%. The firm had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same quarter in the previous year, the firm earned ($0.08) earnings per share. The company’s quarterly revenue was up 47.2% compared to the same quarter last year. Equities research analysts predict that Symbotic will post 0.2 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Symbotic

A number of large investors have recently modified their holdings of the company. Baillie Gifford & Co. increased its holdings in Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after purchasing an additional 3,410,050 shares during the period. Vanguard Group Inc. increased its stake in shares of Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares during the period. Thematics Asset Management raised its holdings in shares of Symbotic by 30.1% in the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after acquiring an additional 242,661 shares in the last quarter. Exchange Traded Concepts LLC grew its holdings in Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after acquiring an additional 379,726 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after purchasing an additional 509,700 shares during the period.

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.