TD Cowen Issues Positive Forecast for Symbotic (NASDAQ:SYM) Stock Price

Symbotic (NASDAQ:SYM) had its price objective lifted by stock analysts at TD Cowen from $43.00 to $50.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s price objective would indicate a potential upside of 108.33% from the stock’s previous close.

SYM has been the subject of several other reports. Deutsche Bank Aktiengesellschaft raised their target price on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Citigroup cut their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Needham & Company LLC increased their target price on shares of Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Craig Hallum lowered their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. One 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’s stock. Based on data from MarketBeat, Symbotic currently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Symbotic Stock Down 35.8 %

Shares of SYM opened at $24.00 on Tuesday. The stock has a market cap of $14.05 billion, a PE ratio of -400.00 and a beta of 1.81. Symbotic has a 12-month low of $17.11 and a 12-month high of $59.82. The business has a 50-day simple moving average of $28.96 and a two-hundred day simple moving average of $30.77.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The business had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same quarter last year, the business earned ($0.08) EPS. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. On average, equities research analysts expect that Symbotic will post 0.2 EPS for the current year.

Insider Buying and Selling at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $23.96, for a total transaction of $47,920.00. Following the sale, the director now directly owns 2,000 shares in the company, valued at approximately $47,920. This trade represents a 50.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the sale, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,878 shares of company stock worth $1,378,056. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Hedge funds have recently added to or reduced their stakes in the stock. Castleview Partners LLC grew its holdings in Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after purchasing an additional 500 shares during the period. RFP Financial Group LLC lifted its position in shares of Symbotic by 22.4% during the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after buying an additional 310 shares during the last quarter. Quarry LP bought a new position in shares of Symbotic during the 2nd quarter worth $65,000. Arcadia Investment Management Corp MI purchased a new stake in Symbotic in the 3rd quarter worth about $49,000. Finally, RiverPark Advisors LLC raised its stake in Symbotic by 147.1% in the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after acquiring an additional 1,211 shares during the period.

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.