Symbotic’s (SYM) Overweight Rating Reiterated at Cantor Fitzgerald

Symbotic (NASDAQ:SYM)‘s stock had its “overweight” rating reaffirmed by research analysts at Cantor Fitzgerald in a report released on Tuesday, Benzinga reports. They currently have a $60.00 price target on the stock. Cantor Fitzgerald’s target price suggests a potential upside of 25.50% from the stock’s current price.

Several other equities analysts also recently commented on the company. Northland Securities raised their target price on Symbotic from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 25th. William Blair cut shares of Symbotic from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $58.00 price objective on shares of Symbotic in a report on Tuesday. Citigroup boosted their target price on Symbotic from $52.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, August 2nd. Finally, Craig Hallum lifted their price objective on Symbotic from $48.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.92.

Symbotic Trading Up 28.7 %

SYM stock traded up $10.65 during midday trading on Tuesday, hitting $47.81. The stock had a trading volume of 3,081,231 shares, compared to its average volume of 833,718. The firm has a market capitalization of $26.58 billion, a price-to-earnings ratio of -122.59 and a beta of 1.79. The stock has a 50-day simple moving average of $35.58 and a 200 day simple moving average of $38.78. Symbotic has a 52 week low of $10.05 and a 52 week high of $64.14.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, November 20th. The company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). The business had revenue of $391.89 million during the quarter, compared to the consensus estimate of $306.89 million. Symbotic had a negative net margin of 2.25% and a negative return on equity of 57.19%. The business’s revenue was up 60.3% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.10) EPS. On average, equities analysts forecast that Symbotic will post -0.36 EPS for the current year.

Insider Activity

In related news, CFO Thomas C. Ernst, Jr. sold 78,975 shares of Symbotic stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $39.65, for a total value of $3,131,358.75. Following the completion of the sale, the chief financial officer now directly owns 40,149 shares in the company, valued at $1,591,907.85. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Symbotic news, CFO Thomas C. Ernst, Jr. sold 78,975 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $39.65, for a total value of $3,131,358.75. Following the transaction, the chief financial officer now directly owns 40,149 shares of the company’s stock, valued at $1,591,907.85. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Charles Kane sold 45,674 shares of Symbotic stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $39.65, for a total transaction of $1,810,974.10. Following the sale, the director now directly owns 87,982 shares of the company’s stock, valued at approximately $3,488,486.30. The disclosure for this sale can be found here. Insiders have sold 208,989 shares of company stock valued at $8,239,504 over the last 90 days. 41.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. acquired a new stake in Symbotic in the fourth quarter worth $29,000. Providence Capital Advisors LLC acquired a new stake in Symbotic in the 3rd quarter valued at approximately $33,000. National Bank of Canada FI lifted its stake in Symbotic by 66.7% in the 3rd quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock valued at $35,000 after acquiring an additional 400 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Symbotic by 1,412.0% during the 1st quarter. JPMorgan Chase & Co. now owns 1,512 shares of the company’s stock worth $35,000 after acquiring an additional 1,412 shares during the last quarter. Finally, RFP Financial Group LLC grew its stake in shares of Symbotic by 46.1% during the 2nd quarter. RFP Financial Group LLC now owns 954 shares of the company’s stock worth $41,000 after acquiring an additional 301 shares in the last quarter.

About Symbotic

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.