Symbotic (NASDAQ:SYM) Downgraded to Strong Sell Rating by Zacks Research

Zacks Research lowered shares of Symbotic (NASDAQ:SYM) from a hold rating to a strong sell rating in a report published on Tuesday,Zacks.com reports.

Other analysts also recently issued research reports about the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Symbotic in a report on Wednesday, October 8th. Northland Securities increased their price objective on Symbotic from $56.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, November 25th. Barclays raised their price target on Symbotic from $41.00 to $42.00 and gave the stock an “underweight” rating in a research note on Monday, January 12th. Deutsche Bank Aktiengesellschaft lifted their price objective on Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a research report on Tuesday, November 25th. Finally, Needham & Company LLC raised their target price on Symbotic from $57.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $56.79.

Symbotic Stock Performance

Shares of Symbotic stock traded up $1.07 during mid-day trading on Tuesday, hitting $62.72. 322,204 shares of the stock were exchanged, compared to its average volume of 1,589,693. Symbotic has a 12 month low of $16.32 and a 12 month high of $87.88. The company has a 50-day simple moving average of $64.30 and a 200 day simple moving average of $59.70. The company has a market capitalization of $37.10 billion, a P/E ratio of -418.13, a P/E/G ratio of 17.91 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 24th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.11). Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. The business had revenue of $618.46 million during the quarter, compared to the consensus estimate of $604.00 million. During the same period in the prior year, the company earned $0.47 earnings per share. The business’s revenue was up 9.5% on a year-over-year basis. Analysts predict that Symbotic will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other Symbotic news, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of Symbotic stock in a transaction on Monday, December 8th. The stock was sold at an average price of $53.21, for a total value of $186,235,000.00. Following the completion of the sale, the insider owned 5,590,000 shares of the company’s stock, valued at approximately $297,443,900. This trade represents a 38.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Group Corp. Softbank sold 3,500,000 shares of the company’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $53.21, for a total value of $186,235,000.00. Following the transaction, the insider directly owned 5,590,000 shares in the company, valued at approximately $297,443,900. The trade was a 38.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,066,463 shares of company stock worth $377,427,267 in the last three months. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Symbotic

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Symbotic by 2.1% during the third quarter. Vanguard Group Inc. now owns 4,695,021 shares of the company’s stock valued at $253,062,000 after purchasing an additional 98,384 shares during the period. UBS Group AG raised its stake in Symbotic by 22.3% during the 3rd quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock valued at $59,601,000 after buying an additional 201,547 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Symbotic by 23.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 726,411 shares of the company’s stock worth $47,122,000 after buying an additional 136,111 shares during the last quarter. ARK Investment Management LLC grew its holdings in shares of Symbotic by 32.4% in the third quarter. ARK Investment Management LLC now owns 589,887 shares of the company’s stock worth $31,795,000 after acquiring an additional 144,389 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Symbotic by 0.9% in the second quarter. Geode Capital Management LLC now owns 551,216 shares of the company’s stock valued at $21,419,000 after acquiring an additional 4,892 shares during the period.

Symbotic Company Profile

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.