Symbotic’s (SYM) “Buy” Rating Reiterated at DA Davidson

DA Davidson reaffirmed their buy rating on shares of Symbotic (NASDAQ:SYM) in a report published on Tuesday morning,Benzinga reports. They currently have a $47.00 target price on the stock.

Several other equities analysts have also commented on SYM. Northland Securities increased their price objective on shares of Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday. TD Cowen lowered their price objective on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. BWS Financial reissued a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research report on Tuesday. Citigroup lowered their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Finally, Needham & Company LLC increased their price objective on Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.31.

Symbotic Stock Performance

Shares of Symbotic stock opened at $36.36 on Tuesday. The company has a market capitalization of $21.29 billion, a PE ratio of -605.17 and a beta of 1.81. The company has a 50-day simple moving average of $27.76 and a two-hundred day simple moving average of $31.11. Symbotic has a one year low of $17.11 and a one year high of $59.82.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The firm had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same period in the previous year, the business earned ($0.08) EPS. The firm’s revenue for the quarter was up 47.2% on a year-over-year basis. On average, equities analysts predict that Symbotic will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael David Dunn sold 1,715 shares of the firm’s stock in a transaction that occurred on Thursday, October 24th. The shares were 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 in the company, valued at $2,529,515.94. This trade represents a 1.91 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was 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 in the company, valued at $990,084.48. This represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 49,878 shares of company stock worth $1,378,056 in the last three months. 38.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Castleview Partners LLC grew its position in Symbotic by 50.0% in the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after buying an additional 500 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Symbotic during the 3rd quarter worth $49,000. RiverPark Advisors LLC grew its holdings in shares of 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 acquiring an additional 1,211 shares during the last quarter. RFP Financial Group LLC raised 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 period. Finally, Quest Partners LLC lifted its holdings in shares of Symbotic by 19,307.7% during the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock valued at $62,000 after purchasing an additional 2,510 shares during the last quarter.

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.