Symbotic (NASDAQ:SYM) Coverage Initiated by Analysts at Vertical Research

Equities researchers at Vertical Research initiated coverage on shares of Symbotic (NASDAQ:SYM) in a research note issued to investors on Tuesday, MarketBeat reports. The firm set a “hold” rating and a $45.00 price target on the stock. Vertical Research’s price objective indicates a potential upside of 24.34% from the company’s previous close.

A number of other equities analysts have also issued reports on SYM. Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of Symbotic in a research report on Tuesday, May 7th. William Blair reissued a “market perform” rating on shares of Symbotic in a research report on Friday, May 10th. Northland Securities raised their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. BWS Financial initiated coverage on shares of Symbotic in a research report on Monday. They set a “sell” rating and a $10.00 price target for the company. Finally, Craig Hallum raised their price target on shares of Symbotic from $55.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $52.50.

Symbotic Stock Down 9.0 %

Shares of Symbotic stock opened at $36.19 on Tuesday. The firm has a market capitalization of $21.16 billion, a P/E ratio of -150.79 and a beta of 1.87. The company has a 50 day moving average price of $38.00 and a 200 day moving average price of $41.41. Symbotic has a 52 week low of $29.62 and a 52 week high of $64.14.

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

Insider Activity at Symbotic

In related news, insider William M. Boyd III sold 8,825 shares of Symbotic stock in a transaction on Friday, April 26th. The shares were sold at an average price of $40.34, for a total value of $356,000.50. Following the sale, the insider now owns 23,012 shares of the company’s stock, valued at approximately $928,304.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Symbotic news, insider William M. Boyd III sold 8,825 shares of Symbotic stock in a transaction on Friday, April 26th. The shares were sold at an average price of $40.34, for a total transaction of $356,000.50. Following the sale, the insider now owns 23,012 shares of the company’s stock, valued at approximately $928,304.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael David Dunn sold 2,000 shares of Symbotic stock in a transaction on Monday, July 15th. The stock was sold at an average price of $40.00, for a total transaction of $80,000.00. Following the sale, the insider now directly owns 74,808 shares in the company, valued at approximately $2,992,320. The disclosure for this sale can be found here. In the last quarter, insiders have sold 150,211 shares of company stock valued at $5,975,772. 38.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. purchased a new position in shares of Symbotic during the 1st quarter worth $426,752,000. Vanguard Group Inc. raised its holdings in shares of Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after acquiring an additional 345,386 shares during the period. 1832 Asset Management L.P. raised its holdings in shares of Symbotic by 189.5% during the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after acquiring an additional 690,900 shares during the period. Raymond James & Associates raised its holdings in Symbotic by 8.4% in the 2nd quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock valued at $23,491,000 after buying an additional 51,712 shares during the period. Finally, First Trust Advisors LP raised its holdings in Symbotic by 44.0% in the 4th quarter. First Trust Advisors LP now owns 510,237 shares of the company’s stock valued at $26,190,000 after buying an additional 155,828 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.