William Blair Reaffirms Outperform Rating for Symbotic (NASDAQ:SYM)

Symbotic (NASDAQ:SYM – Get Rating)‘s stock had its “outperform” rating reissued by equities research analysts at William Blair in a research note issued on Monday, The Fly reports. William Blair also issued estimates for Symbotic’s Q2 2024 earnings at $0.06 EPS, Q4 2024 earnings at $0.12 EPS and FY2026 earnings at $1.28 EPS.

Several other equities analysts have also issued reports on SYM. Needham & Company LLC lifted their target price on Symbotic from $25.00 to $31.00 in a research note on Tuesday, May 2nd. DA Davidson boosted their price target on Symbotic from $22.00 to $30.00 in a research report on Wednesday, May 3rd. Cantor Fitzgerald boosted their price target on Symbotic from $24.00 to $35.00 and gave the stock an “overweight” rating in a research report on Thursday, April 20th. Raymond James boosted their price target on Symbotic from $23.00 to $35.00 in a research report on Tuesday, May 2nd. Finally, Craig Hallum began coverage on Symbotic in a report on Monday, April 17th. They issued a “buy” rating and a $35.00 target price for the company. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Symbotic presently has a consensus rating of “Moderate Buy” and an average target price of $28.31.

Symbotic Trading Up 7.2 %

Shares of Symbotic stock opened at $31.13 on Monday. The company’s fifty day simple moving average is $25.32 and its two-hundred day simple moving average is $17.68. The company has a market cap of $17.29 billion, a P/E ratio of -88.94 and a beta of 1.31. Symbotic has a 12-month low of $8.75 and a 12-month high of $32.17.

Symbotic (NASDAQ:SYM – Get Rating) last announced its quarterly earnings data on Monday, May 1st. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.04). Symbotic had a negative net margin of 2.26% and a negative return on equity of 78.17%. The firm had revenue of $266.85 million for the quarter, compared to analysts’ expectations of $224.82 million. During the same period last year, the company posted ($5.61) earnings per share. The business’s revenue for the quarter was up 177.2% compared to the same quarter last year. Analysts predict that Symbotic will post -0.29 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael David Dunn sold 12,639 shares of the firm’s stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $16.61, for a total value of $209,933.79. Following the sale, the insider now directly owns 163,769 shares in the company, valued at approximately $2,720,203.09. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, insider Michael David Dunn sold 12,639 shares of the firm’s stock in a transaction on Friday, February 24th. The stock was sold at an average price of $16.61, for a total value of $209,933.79. Following the completion of the sale, the insider now owns 163,769 shares of the company’s stock, valued at $2,720,203.09. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rollin L. Ford acquired 8,000 shares of Symbotic stock in a transaction that occurred on Monday, May 15th. The shares were purchased at an average cost of $24.70 per share, with a total value of $197,600.00. Following the transaction, the director now owns 8,000 shares of the company’s stock, valued at approximately $197,600. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 54,326 shares of company stock valued at $984,841. Insiders own 41.00% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. Softbank Group CORP. increased its stake in Symbotic by 1,000.0% during the first quarter. Softbank Group CORP. now owns 22,000,000 shares of the company’s stock valued at $502,480,000 after acquiring an additional 20,000,000 shares during the period. Saba Capital Management L.P. raised its position in Symbotic by 458.4% in the 3rd quarter. Saba Capital Management L.P. now owns 2,791,828 shares of the company’s stock worth $27,779,000 after purchasing an additional 2,291,828 shares during the last quarter. Frontier Capital Management Co. LLC raised its position in Symbotic by 202.3% in the 1st quarter. Frontier Capital Management Co. LLC now owns 1,041,144 shares of the company’s stock worth $23,780,000 after purchasing an additional 696,727 shares during the last quarter. Exchange Traded Concepts LLC bought a new stake in shares of Symbotic during the 1st quarter valued at $13,919,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Symbotic during the 1st quarter valued at $13,024,000. 57.76% of the stock is currently owned by institutional investors.

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. The company offers Symbotic system, an end-to-end warehouse automation system for product distribution. It also designs, assemblies, and installs modular inventory management systems and performs configuration of embedded software.