Symbotic (NASDAQ:SYM) Rating Lowered to “Neutral” at DA Davidson

DA Davidson cut shares of Symbotic (NASDAQ:SYM) from a buy rating to a neutral rating in a report released on Wednesday, Marketbeat reports. They currently have $35.00 price objective on the stock, down from their previous price objective of $50.00.

Several other equities analysts have also recently weighed in on SYM. TD Cowen increased their price target on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday. Needham & Company LLC increased their price objective on shares of Symbotic from $40.00 to $46.00 and gave the stock a “buy” rating in a research note on Tuesday, November 19th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. KeyCorp raised their price objective on Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Finally, Craig Hallum dropped their target price 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Symbotic currently has an average rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Price Performance

Shares of NASDAQ:SYM opened at $24.00 on Wednesday. The business has a fifty day moving average price of $28.96 and a 200-day moving average price of $30.77. The company has a market capitalization of $14.05 billion, a PE ratio of -400.00 and a beta of 1.81. Symbotic has a 1-year low of $17.11 and a 1-year high of $59.82.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.05. The business had revenue of $576.77 million during 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 6.54%. Symbotic’s revenue was up 47.2% compared to the same quarter last year. During the same period last year, the business earned ($0.08) EPS. On average, sell-side analysts anticipate that Symbotic will post 0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 34,188 shares in the company, valued at $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $23.96, for a total value of $47,920.00. Following the completion of the transaction, the director now owns 2,000 shares of the company’s stock, valued at approximately $47,920. This trade represents a 50.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 49,878 shares of company stock worth $1,378,056 in the last quarter. 38.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Several institutional investors have recently made changes to their positions in the company. Castleview Partners LLC lifted its stake in shares of Symbotic by 50.0% during the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after acquiring an additional 500 shares during the last quarter. RFP Financial Group LLC lifted its position in shares of Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after purchasing an additional 310 shares during the last quarter. Quarry LP purchased a new stake in shares of Symbotic during the second quarter valued at $65,000. Arcadia Investment Management Corp MI bought a new position in shares of Symbotic in the third quarter worth about $49,000. Finally, RiverPark Advisors LLC increased its stake in Symbotic by 147.1% in the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after buying 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.