Symbotic (NASDAQ:SYM) Downgraded by Craig Hallum to “Hold”

Craig Hallum cut shares of Symbotic (NASDAQ:SYM) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning, Marketbeat reports. Craig Hallum currently has $25.00 price objective on the stock.

Several other research firms have also weighed in on SYM. Needham & Company LLC reduced their price objective on Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday. The Goldman Sachs Group decreased their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Robert W. Baird cut 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. BWS Financial reiterated a “sell” rating and issued a $10.00 target price on shares of Symbotic in a report on Tuesday, November 19th. Finally, Northland Securities boosted their price target on shares of Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Symbotic Trading Up 12.1 %

Shares of Symbotic stock opened at $26.90 on Wednesday. Symbotic has a 52 week low of $17.11 and a 52 week high of $58.58. The company’s 50-day moving average price is $28.97 and its two-hundred day moving average price is $30.61. The stock has a market cap of $15.75 billion, a PE ratio of -448.33 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 analysts’ consensus estimates of $0.05. The business had revenue of $576.77 million for 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%. The business’s revenue for the quarter was up 47.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.08) EPS. On average, equities analysts predict that Symbotic will post 0.2 EPS for the current fiscal year.

Insider Buying and Selling at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the sale, the director now owns 214,036 shares of the company’s stock, valued at approximately $4,013,175. The trade was a 0.93 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $28.33, for a total transaction of $250,040.58. Following the transaction, the insider now directly owns 23,012 shares in the company, valued at approximately $651,929.96. The trade was a 27.72 % 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 in the last quarter. Company insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several large investors have recently made changes to their positions in SYM. Baillie Gifford & Co. lifted its holdings in shares of Symbotic by 32.0% during the third 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 last quarter. Vanguard Group Inc. lifted its holdings in shares of Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after acquiring an additional 345,386 shares during the period. Thematics Asset Management lifted its stake in Symbotic by 30.1% during the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after purchasing an additional 242,661 shares during the period. Exchange Traded Concepts LLC lifted its position 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 worth $21,317,000 after buying an additional 379,726 shares during the period. Finally, Canada Pension Plan Investment Board boosted its stake in Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares in the last quarter.

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.