Symbotic (NASDAQ:SYM) Stock Price Down 0.6%

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

Wall Street Analysts Forecast Growth

SYM has been the subject of several analyst reports. DA Davidson upgraded 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. Northland Securities increased their price target on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Robert W. Baird lowered their price target on Symbotic from $54.00 to $52.00 and set an “outperform” rating for the company in a report on Tuesday, February 6th. Needham & Company LLC lowered their price target on Symbotic from $58.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, February 6th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Symbotic Trading Down 3.8 %

The business has a fifty day moving average of $43.83 and a 200 day moving average of $44.00. The company has a market capitalization of $23.28 billion, a PE ratio of -154.78 and a beta of 1.91.

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

Insider Buying and Selling at Symbotic

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $51.50, for a total value of $103,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Todd Krasnow sold 2,000 shares of the firm’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 document filed with the SEC, which is accessible through the SEC website. Also, insider Michael David Dunn sold 5,444 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $43.29, for a total value of $235,670.76. Following the sale, the insider now directly owns 71,366 shares in the company, valued at approximately $3,089,434.14. The disclosure for this sale can be found here. Insiders have sold 7,188,628 shares of company stock valued at $279,026,777 in the last quarter. Corporate insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Softbank Group CORP. raised its position in shares of Symbotic by 1,000.0% during the 1st quarter. Softbank Group CORP. now owns 22,000,000 shares of the company’s stock worth $502,480,000 after acquiring an additional 20,000,000 shares in the last quarter. Vanguard Group Inc. grew its stake in Symbotic by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 2,081,034 shares of the company’s stock worth $106,819,000 after buying an additional 40,699 shares during the last quarter. 1832 Asset Management L.P. grew its stake in Symbotic by 189.5% during the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after buying an additional 690,900 shares during the last quarter. Frontier Capital Management Co. LLC grew its stake in shares of Symbotic by 202.3% in the 1st quarter. Frontier Capital Management Co. LLC now owns 1,041,144 shares of the company’s stock valued at $23,780,000 after purchasing an additional 696,727 shares during the last quarter. Finally, Voloridge Investment Management LLC grew its stake in shares of Symbotic by 19.1% in the 4th quarter. Voloridge Investment Management LLC now owns 882,734 shares of the company’s stock valued at $45,311,000 after purchasing an additional 141,333 shares during 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.