Symbotic (NASDAQ:SYM) Stock Price Down 1.8%

Symbotic Inc. (NASDAQ:SYM) traded down 1.8% on Monday . The company traded as low as $38.85 and last traded at $39.03. 192,878 shares traded hands during trading, a decline of 87% from the average session volume of 1,436,216 shares. The stock had previously closed at $39.73.

Wall Street Analysts Forecast Growth

SYM has been the topic of several research analyst reports. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research note on Tuesday, February 6th. Needham & Company LLC cut their price objective on Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, February 6th. Robert W. Baird lowered their target price on Symbotic from $54.00 to $52.00 and set an “outperform” rating for the company in a research note on Tuesday, February 6th. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Wednesday, February 7th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Symbotic Stock Performance

The firm’s 50 day moving average price is $43.42 and its two-hundred day moving average price is $44.27.

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

Insider Activity at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $51.50, for a total value of $103,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Monday, February 5th. The stock was sold at an average price of $51.50, for a total transaction of $103,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction on Monday, February 26th. The stock was sold at an average price of $39.69, for a total value of $82,765,398.24. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,106,926 shares of company stock worth $275,324,804. Company insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several institutional investors have recently made changes to their positions in the stock. Van ECK Associates Corp bought a new position in Symbotic in the 4th quarter valued at about $26,000. Providence Capital Advisors LLC acquired a new position in Symbotic during the 3rd quarter worth 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 purchasing an additional 400 shares during the last quarter. Global Retirement Partners LLC boosted its position in Symbotic by 166.7% in the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after buying an additional 660 shares in the last quarter. Finally, Pingora Partners LLC bought a new stake in Symbotic during the 4th quarter worth $51,000.

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.