Symbotic (NASDAQ:SYM) Upgraded to Buy at DA Davidson

DA Davidson upgraded shares of Symbotic (NASDAQ:SYM) from a neutral rating to a buy rating in a research report sent to investors on Wednesday morning, Marketbeat.com reports. DA Davidson currently has $35.00 target price on the stock.

A number of other equities research analysts also recently weighed in on SYM. BWS Financial reissued a “sell” rating and set a $10.00 target price on shares of Symbotic in a research report on Tuesday, November 19th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. UBS Group reduced their target price on Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. TD Cowen increased their price objective on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Finally, William Blair reaffirmed a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $40.71.

Symbotic Stock Performance

Symbotic stock opened at $25.59 on Wednesday. Symbotic has a 52 week low of $17.11 and a 52 week high of $52.20. The firm has a market capitalization of $15.03 billion, a PE ratio of -426.50 and a beta of 1.76. The business’s 50-day simple moving average is $28.32 and its 200-day simple moving average is $27.77.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. The company had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The company’s revenue for the quarter was up 47.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.08) EPS. Research analysts forecast that Symbotic will post 0.12 earnings per share for the current year.

Insider Transactions at Symbotic

In related news, insider Michael David Dunn sold 5,365 shares of Symbotic stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $24.60, for a total transaction of $131,979.00. Following the transaction, the insider now owns 31,860 shares of the company’s stock, valued at $783,756. This trade represents a 14.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction 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 $990,084.48. The trade was a 40.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,844 shares of company stock worth $3,268,431 in the last three months. Insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SYM. Baillie Gifford & Co. lifted its position in Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after acquiring an additional 3,410,050 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after purchasing an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in shares of Symbotic by 76.8% in 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 in the last quarter. Millennium Management LLC boosted its holdings in Symbotic by 6,694.5% during the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after purchasing an additional 330,709 shares during the last quarter. Finally, Thematics Asset Management increased its stake in Symbotic by 30.1% in the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after buying an additional 242,661 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.