Hamed Khorsand, an analyst from BWS Financial, maintained the Sell rating on Symbotic. The associated price target is $10.00.
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Hamed Khorsand has given his Sell rating due to a combination of factors that raise concerns about Symbotic’s financial practices and market valuation. One of the primary issues highlighted is the company’s aggressive accounting methods, which have led to questions about the transparency and sustainability of its financial reporting. Additionally, there is a notable focus on Symbotic’s relationship with its affiliate, GreenBox, where the company appears to be funneling cash while simultaneously reporting a significant amount of unbilled accounts receivable with GreenBox.
Another factor contributing to the Sell rating is the perception that investors are more captivated by the robotics theme associated with Symbotic rather than the company’s actual financial fundamentals. This suggests that the current market valuation may not be justified by the underlying business performance, leading to a cautious outlook on the stock’s future performance. These concerns collectively underpin Khorsand’s recommendation to sell the stock.
Based on the recent corporate insider activity of 74 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SYM in relation to earlier this year.