Symbotic Inc. (NASDAQ:SYM) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Symbotic Inc. (NASDAQ:SYM) has earned a consensus rating of “Moderate Buy” from the sixteen brokerages that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $38.73.

A number of equities research analysts have commented on the company. Oppenheimer initiated coverage on Symbotic in a research note on Wednesday, January 15th. They issued an “outperform” rating and a $35.00 price objective for the company. UBS Group decreased their price target on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research note on Wednesday, January 8th. TD Cowen boosted their target price on shares of Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th.

Symbotic Stock Up 12.3 %

NASDAQ:SYM opened at $33.43 on Wednesday. The firm has a market capitalization of $19.64 billion, a P/E ratio of -557.17, a P/E/G ratio of 6.88 and a beta of 1.76. Symbotic has a twelve month low of $17.11 and a twelve month high of $52.20. The company has a fifty day moving average of $27.85 and a 200-day moving average of $27.39.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting the consensus estimate of $0.05. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The business’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.08) earnings per share. On average, analysts anticipate that Symbotic will post 0.14 EPS for the current fiscal year.

Insider Activity at Symbotic

In other news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares in the company, valued at approximately $990,084.48. This represents a 40.03 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 13,114 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $32.19, for a total value of $422,139.66. Following the completion of the sale, the insider now owns 18,746 shares in the company, valued at $603,433.74. This represents a 41.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 124,958 shares of company stock worth $3,690,570. 38.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Large investors have recently modified their holdings of the business. Baillie Gifford & Co. boosted its holdings in Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after buying an additional 3,410,050 shares during the period. Thematics Asset Management grew its position 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 purchasing an additional 242,661 shares in the last quarter. Exchange Traded Concepts LLC raised its stake in shares of Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after purchasing an additional 379,726 shares during the period. Canada Pension Plan Investment Board lifted its holdings in Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after purchasing an additional 509,700 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Symbotic by 10.2% in the 3rd quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after purchasing an additional 46,721 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.