KeyCorp Reiterates “Sector Weight” Rating for Symbotic (NASDAQ:SYM)

KeyCorp restated their sector weight rating on shares of Symbotic (NASDAQ:SYM) in a report released on Wednesday morning, Marketbeat Ratings reports.

Several other equities analysts have also recently commented on the stock. The Goldman Sachs Group dropped their target price on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research report on Tuesday, November 19th. Citigroup lowered their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. BWS Financial restated a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research note on Tuesday, November 19th. Finally, Robert W. Baird reduced their price target on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Symbotic Stock Performance

Shares of SYM stock opened at $24.00 on Wednesday. Symbotic has a 52-week low of $17.11 and a 52-week high of $59.82. The firm’s 50 day moving average price is $28.96 and its two-hundred day moving average price is $30.77. The stock has a market cap of $14.05 billion, a PE ratio of -400.00 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter in the prior year, the company earned ($0.08) EPS. The company’s revenue was up 47.2% on a year-over-year basis. As a group, sell-side analysts predict that Symbotic will post 0.2 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. This trade represents a 40.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $28.15, for a total value of $56,300.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at approximately $6,025,113.40. This represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 49,878 shares of company stock worth $1,378,056. Company insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Hedge funds have recently made changes to their positions in the stock. Castleview Partners LLC boosted its holdings in shares of 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 period. Arcadia Investment Management Corp MI acquired a new stake in shares of Symbotic in the third quarter worth about $49,000. RiverPark Advisors LLC raised its position in shares of Symbotic by 147.1% in the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after purchasing an additional 1,211 shares during the period. RFP Financial Group LLC increased its position in Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after buying an additional 310 shares during the period. Finally, Quest Partners LLC increased its holdings in shares of Symbotic by 19,307.7% during the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after purchasing an additional 2,510 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.