Symbotic (NASDAQ:SYM) Research Coverage Started at Oppenheimer

Oppenheimer began coverage on shares of Symbotic (NASDAQ:SYM) in a research report released on Wednesday morning, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $35.00 price objective on the stock.

Several other research firms have also recently weighed in on SYM. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a research note on Wednesday, January 8th. Citigroup reaffirmed a “buy” rating and issued a $37.00 target price on shares of Symbotic in a research report on Monday, January 13th. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research report on Tuesday, November 19th. Northland Securities raised their price objective on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Finally, TD Cowen boosted their target price on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.73.

Symbotic Trading Down 6.5 %

Shares of NASDAQ:SYM opened at $29.76 on Wednesday. Symbotic has a 52 week low of $17.11 and a 52 week high of $52.20. The company’s 50 day moving average is $27.96 and its two-hundred day moving average is $27.55. The company has a market cap of $17.48 billion, a PE ratio of -496.00 and a beta of 1.76.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. The firm had revenue of $576.77 million during 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 6.49%. The company’s revenue was up 47.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. As a group, equities research analysts expect that Symbotic will post 0.12 EPS for the current year.

Insider Buying and Selling at Symbotic

In related news, insider Michael David Dunn sold 1,715 shares of the company’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $28.77, for a total transaction of $49,340.55. Following the transaction, the insider now owns 87,922 shares of the company’s stock, valued at $2,529,515.94. This represents a 1.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 111,844 shares of company stock valued at $3,268,431. 38.30% of the stock is owned by company insiders.

Institutional Trading of Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Baillie Gifford & Co. grew its position in 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 period. Thematics Asset Management grew its holdings in shares of Symbotic by 30.1% in the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after acquiring an additional 242,661 shares during the period. Exchange Traded Concepts LLC raised its holdings in Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after purchasing an additional 379,726 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in Symbotic by 191.5% during the second 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 during the last quarter. Finally, Geode Capital Management LLC boosted its position in Symbotic by 10.2% during the third 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 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.