Symbotic (NASDAQ:SYM) Shares Down 0.5%

Shares of Symbotic Inc. (NASDAQ:SYM) were down 0.5% during trading on Thursday . The company traded as low as $42.29 and last traded at $42.55. Approximately 117,955 shares traded hands during trading, a decline of 92% from the average daily volume of 1,395,505 shares. The stock had previously closed at $42.78.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SYM. KeyCorp decreased their price objective on Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, February 6th. Deutsche Bank Aktiengesellschaft boosted their price objective on Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Wednesday, February 7th. Robert W. Baird increased their price objective on shares of Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 7th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $55.69.

Symbotic Stock Performance

The company has a market capitalization of $24.25 billion, a P/E ratio of -177.28 and a beta of 1.97. The firm’s fifty day moving average is $43.56 and its 200 day moving average is $44.76.

Insiders Place Their Bets

In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Symbotic news, major shareholder David A. Ladensohn sold 2,085,296 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 7,110,447 shares of company stock worth $275,410,529 in the last three months. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Large investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp acquired a new stake in Symbotic in the 4th quarter valued at approximately $26,000. RiverPark Advisors LLC purchased a new position in Symbotic in the first quarter valued at $37,000. Providence Capital Advisors LLC acquired a new position in Symbotic during the 3rd quarter worth $33,000. Pingora Partners LLC purchased a new position in shares of Symbotic in the 4th quarter valued at about $51,000. Finally, Global Retirement Partners LLC grew its position in shares of Symbotic by 166.7% during the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after buying an additional 660 shares in the last quarter.

About Symbotic

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.