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

Zacks Research downgraded shares of Symbotic (NASDAQ:SYM) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday,Zacks.com reports.

SYM has been the topic of several other research reports. Weiss Ratings downgraded shares of Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. The Goldman Sachs Group lowered their price objective on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a research report on Tuesday, May 26th. DA Davidson reaffirmed a “buy” rating and issued a $70.00 target price on shares of Symbotic in a research note on Monday, May 11th. Finally, Barclays boosted their target price on shares of Symbotic from $42.00 to $44.00 and gave the stock an “underweight” rating in a research note on Monday, March 16th. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Symbotic has a consensus rating of “Hold” and an average price target of $65.23.

Symbotic Price Performance

SYM stock opened at $41.69 on Tuesday. The business has a fifty day moving average price of $47.12 and a 200 day moving average price of $53.92. Symbotic has a fifty-two week low of $38.19 and a fifty-two week high of $87.88. The stock has a market capitalization of $25.13 billion, a price-to-earnings ratio of -833.63, a P/E/G ratio of 6.09 and a beta of 1.93.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.11). The business had revenue of $676.48 million during the quarter, compared to analyst estimates of $662.65 million. Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.Symbotic’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.04) EPS. On average, equities analysts expect that Symbotic will post 0.23 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In related news, Director Todd Krasnow sold 25,422 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $52.45, for a total value of $1,333,383.90. Following the transaction, the director owned 182,036 shares in the company, valued at $9,547,788.20. This trade represents a 12.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Brian Daniel Alexander sold 37,860 shares of the firm’s stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $59.97, for a total value of $2,270,464.20. Following the completion of the transaction, the senior vice president owned 44,229 shares in the company, valued at approximately $2,652,413.13. This represents a 46.12% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 147,798 shares of company stock valued at $8,221,095 over the last ninety days. Company insiders own 8.16% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Institutional investors have recently modified their holdings of the business. Parkside Financial Bank & Trust lifted its holdings in Symbotic by 100.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock valued at $32,000 after buying an additional 268 shares during the period. Quarry LP acquired a new stake in Symbotic during the 4th quarter worth $36,000. Parallel Advisors LLC raised its position in shares of Symbotic by 67.3% during the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after acquiring an additional 249 shares during the last quarter. Strategic Advocates LLC bought a new stake in shares of Symbotic during the 3rd quarter valued at $42,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new position in shares of Symbotic in the 4th quarter valued at $48,000.

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.