Symbotic (NASDAQ:SYM) Downgraded to “Neutral” Rating by DA Davidson

DA Davidson downgraded shares of Symbotic (NASDAQ:SYM) from a buy rating to a neutral rating in a research note released on Wednesday morning, MarketBeat reports. DA Davidson currently has $35.00 target price on the stock, down from their previous target price of $50.00.

A number of other equities analysts have also recently issued reports on the company. Robert W. Baird cut their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. TD Cowen increased their price target on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday. Citigroup lowered their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $42.69.

Symbotic Trading Down 35.8 %

SYM stock opened at $24.00 on Wednesday. The company’s 50 day moving average is $28.96 and its 200 day moving average is $30.77. The stock has a market cap of $14.05 billion, a price-to-earnings ratio of -400.00 and a beta of 1.81. Symbotic has a 1-year low of $17.11 and a 1-year high of $59.82.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same quarter in the prior year, the firm earned ($0.08) EPS. The business’s revenue for the quarter was up 47.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Symbotic will post 0.2 EPS for the current fiscal year.

Insider Transactions at Symbotic

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Castleview Partners LLC boosted its position in shares of Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after purchasing an additional 500 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Symbotic during the 3rd quarter valued at $49,000. RiverPark Advisors LLC boosted its holdings in shares of Symbotic by 147.1% during the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after buying an additional 1,211 shares in the last quarter. RFP Financial Group LLC grew its position in shares of 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 lifted its position in Symbotic by 19,307.7% during the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock valued at $62,000 after acquiring an additional 2,510 shares during the period.

Symbotic Company Profile

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.