Symbotic (NASDAQ:SYM) Stock Price Down 0.6%

Symbotic Inc. (NASDAQ:SYM)’s stock price fell 0.6% during mid-day trading on Thursday . The company traded as low as $41.02 and last traded at $41.70. 192,141 shares were traded during trading, a decline of 87% from the average session volume of 1,443,759 shares. The stock had previously closed at $41.96.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a report on Wednesday, February 7th. Needham & Company LLC lowered their price target on Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, February 6th. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a report on Tuesday, February 6th. The Goldman Sachs Group lowered their target price on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th. Finally, Northland Securities lifted their price objective on shares of Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Symbotic presently has an average rating of “Moderate Buy” and an average price target of $54.00.

Symbotic Price Performance

The firm has a 50-day moving average price of $43.63 and a 200 day moving average price of $44.00.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, February 5th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The business had revenue of $368.45 million for the quarter, compared to analyst estimates of $370.28 million. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. Sell-side analysts expect that Symbotic Inc. will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $51.50, for a total transaction of $103,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder David A. Ladensohn sold 2,085,296 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $51.50, for a total value of $103,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,188,628 shares of company stock worth $279,026,777. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently modified their holdings of the company. Softbank Group CORP. raised its holdings in Symbotic by 1,000.0% during the first quarter. Softbank Group CORP. now owns 22,000,000 shares of the company’s stock worth $502,480,000 after buying an additional 20,000,000 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Symbotic by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 2,081,034 shares of the company’s stock worth $106,819,000 after acquiring an additional 40,699 shares during the last quarter. 1832 Asset Management L.P. lifted its position in Symbotic by 189.5% in the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after acquiring an additional 690,900 shares in the last quarter. Frontier Capital Management Co. LLC increased its holdings in Symbotic by 202.3% during 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 in the last quarter. Finally, Voloridge Investment Management LLC raised its stake in shares of Symbotic by 19.1% in the fourth quarter. Voloridge Investment Management LLC now owns 882,734 shares of the company’s stock worth $45,311,000 after purchasing an additional 141,333 shares during the last quarter.

Symbotic Company Profile

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.