Symbotic Inc. (NASDAQ:SYM) Receives Average Rating of “Moderate Buy” from Brokerages

Symbotic Inc. (NASDAQ:SYMGet Rating) has been assigned a consensus recommendation of “Moderate Buy” from the eleven analysts that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $20.60.

Several research analysts have commented on the company. Cantor Fitzgerald assumed coverage on Symbotic in a research note on Wednesday, July 20th. They issued an “overweight” rating and a $24.00 target price for the company. Cowen assumed coverage on Symbotic in a research note on Tuesday, June 21st. They issued an “outperform” rating and a $18.00 target price for the company. Northland Securities raised their target price on Symbotic from $16.00 to $20.00 in a research note on Tuesday, August 2nd. Cowen began coverage on Symbotic in a research note on Tuesday, June 21st. They issued an “outperform” rating and a $18.00 target price for the company. Finally, Robert W. Baird raised their price target on Symbotic from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Tuesday, August 2nd.

Insider Activity at Symbotic

In related news, insider Michael David Dunn sold 34,436 shares of the firm’s stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $13.19, for a total transaction of $454,210.84. Following the transaction, the insider now directly owns 199,964 shares of the company’s stock, valued at approximately $2,637,525.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders have sold 98,334 shares of company stock valued at $1,352,282.

Hedge Funds Weigh In On Symbotic

A number of large investors have recently modified their holdings of the company. JPMorgan Chase & Co. purchased a new position in shares of Symbotic during the 2nd quarter valued at about $534,000. Navis Wealth Advisors LLC bought a new position in Symbotic during the 2nd quarter worth approximately $8,067,000. Finally, SB Global Advisers Ltd bought a new position in Symbotic during the 2nd quarter worth approximately $219,400,000.

Symbotic Stock Down 2.7 %

SYM stock opened at $13.03 on Friday. Symbotic has a fifty-two week low of $9.01 and a fifty-two week high of $28.48. The business’s fifty day moving average price is $15.33.

Symbotic (NASDAQ:SYMGet Rating) last posted its quarterly earnings results on Monday, August 1st. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.02. The firm had revenue of $175.55 million for the quarter, compared to the consensus estimate of $119.88 million. On average, equities analysts forecast that Symbotic will post -0.22 EPS for the current year.

About Symbotic

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Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. It offers The Symbotic System, a full-service warehouse automation system that reduces costs, improves efficiency, and maximizes inventory. The company is based in Wilmington, Massachusetts.

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Analyst Recommendations for Symbotic (NASDAQ:SYM)

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