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

Shares of Symbotic Inc. (NASDAQ:SYM) have received a consensus rating of “Moderate Buy” from the thirteen analysts that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $57.00.

SYM has been the subject of a number of recent research reports. Robert W. Baird lifted their target price on Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, May 7th. William Blair restated a “market perform” rating on shares of Symbotic in a report on Friday, May 10th. Needham & Company LLC restated a “buy” rating and set a $54.00 price objective on shares of Symbotic in a report on Tuesday, May 7th. Craig Hallum boosted their price objective on Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th.

Insider Transactions at Symbotic

In other Symbotic news, insider Michael David Dunn sold 5,444 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $43.29, for a total transaction of $235,670.76. Following the transaction, the insider now owns 71,366 shares in the company, valued at $3,089,434.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Rollin L. Ford sold 49,998 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $37.29, for a total value of $1,864,425.42. Following the completion of the sale, the director now owns 10,447 shares of the company’s stock, valued at $389,568.63. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael David Dunn sold 5,444 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $43.29, for a total value of $235,670.76. Following the completion of the sale, the insider now directly owns 71,366 shares of the company’s stock, valued at approximately $3,089,434.14. The disclosure for this sale can be found here. Insiders have sold 150,214 shares of company stock worth $6,030,760 over the last quarter. 38.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Symbotic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp purchased a new position in shares of Symbotic during the fourth quarter worth $26,000. RiverPark Advisors LLC purchased a new position in Symbotic in the first quarter valued at $37,000. Pingora Partners LLC purchased a new position in Symbotic in the fourth quarter valued at $51,000. Global Retirement Partners LLC boosted its holdings in Symbotic by 166.7% in the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after purchasing an additional 660 shares during the period. Finally, Centerpoint Advisors LLC purchased a new position in Symbotic in the fourth quarter valued at $62,000.

Symbotic Price Performance

NASDAQ:SYM opened at $35.16 on Friday. Symbotic has a 1 year low of $29.62 and a 1 year high of $64.14. The stock’s 50 day simple moving average is $39.54 and its two-hundred day simple moving average is $43.21. The company has a market cap of $20.56 billion, a price-to-earnings ratio of -146.49 and a beta of 1.92.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, May 6th. The company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.25. The firm had revenue of $424.30 million during the quarter, compared to analysts’ expectations of $415.98 million. Symbotic had a positive return on equity of 5.27% and a negative net margin of 1.27%. As a group, analysts anticipate that Symbotic will post -0.07 EPS for the current year.

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.