Symbotic (NASDAQ:SYM) Stock Rating Upgraded by DA Davidson

Symbotic (NASDAQ:SYM) was upgraded by stock analysts at DA Davidson from a “neutral” rating to a “buy” rating in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a $35.00 price target on the stock. DA Davidson’s price objective would suggest a potential upside of 36.77% from the stock’s previous close.

A number of other brokerages have also recently issued reports on SYM. Northland Securities boosted 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. Craig Hallum downgraded Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price target for the company. in a research note on Wednesday, November 27th. BWS Financial reiterated a “sell” rating and set a $10.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. UBS Group reduced their target price on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Finally, Needham & Company LLC lowered their price target on shares of Symbotic from $46.00 to $35.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $40.71.

Symbotic Stock Down 4.2 %

SYM opened at $25.59 on Wednesday. The stock has a market cap of $15.03 billion, a price-to-earnings ratio of -426.50 and a beta of 1.76. Symbotic has a 12-month low of $17.11 and a 12-month high of $52.20. The business has a 50 day moving average of $28.47 and a 200-day moving average of $27.84.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting the consensus estimate of $0.05. The firm 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 6.49%. The company’s quarterly revenue was up 47.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.08) earnings per share. As a group, analysts expect that Symbotic will post 0.12 earnings per share for the current year.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $28.15, for a total value of $56,300.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at $6,025,113.40. This represents a 0.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael David Dunn sold 1,715 shares of the stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $28.77, for a total value of $49,340.55. Following the completion of 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 disclosure for this sale can be found here. Insiders sold a total of 111,844 shares of company stock worth $3,268,431 in the last ninety days. 38.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Capital Market Strategies LLC bought a new stake in Symbotic during the 4th quarter worth approximately $802,000. 1ST Source Bank bought a new stake in shares of Symbotic in the third quarter worth $488,000. Sanctuary Advisors LLC acquired a new stake in Symbotic in the third quarter valued at $1,029,000. Barclays PLC raised its position in Symbotic by 1,105.9% during the 3rd quarter. Barclays PLC now owns 9,346 shares of the company’s stock worth $228,000 after purchasing an additional 8,571 shares during the last quarter. Finally, TCW Group Inc. lifted its holdings in Symbotic by 0.8% during the 3rd quarter. TCW Group Inc. now owns 384,274 shares of the company’s stock worth $9,372,000 after buying an additional 3,075 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.