Symbotic (NASDAQ:SYM) Shares Down 3.6%

Symbotic Inc. (NASDAQ:SYM)’s stock price traded down 3.6% on Tuesday . The stock traded as low as $22.13 and last traded at $22.13. 38,163 shares changed hands during mid-day trading, a decline of 97% from the average session volume of 1,447,158 shares. The stock had previously closed at $22.96.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. The Goldman Sachs Group lowered their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a report on Wednesday, July 31st. Northland Securities lowered their price target on Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their price objective on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. BWS Financial reissued a “sell” rating and set a $10.00 price objective on shares of Symbotic in a report on Tuesday, July 30th. Finally, Citigroup decreased their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.23.

Symbotic Stock Performance

The stock has a market capitalization of $13.42 billion, a P/E ratio of -92.17 and a beta of 1.86. The stock has a 50-day moving average price of $35.89 and a two-hundred day moving average price of $40.68.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The firm had revenue of $491.86 million for the quarter, compared to analysts’ expectations of $464.56 million. During the same quarter last year, the company posted ($0.07) EPS. The firm’s revenue was up 57.7% compared to the same quarter last year. Equities analysts anticipate that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, major shareholder David A. Ladensohn sold 50,000 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, major shareholder David A. Ladensohn sold 50,000 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $40.89, for a total value of $2,044,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total value of $70,980.00. Following the completion of the transaction, the director now owns 2,000 shares of the company’s stock, valued at approximately $70,980. The disclosure for this sale can be found here. Insiders have sold 150,107 shares of company stock worth $5,950,707 in the last ninety days. 38.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Several large investors have recently modified their holdings of the business. Arizona State Retirement System lifted its stake in shares of Symbotic by 114.3% in the 2nd quarter. Arizona State Retirement System now owns 9,863 shares of the company’s stock valued at $347,000 after purchasing an additional 5,261 shares during the last quarter. First Dallas Securities Inc. grew its holdings in shares of Symbotic by 4.1% in the second quarter. First Dallas Securities Inc. now owns 20,100 shares of the company’s stock valued at $707,000 after purchasing an additional 800 shares in the last quarter. Legacy Capital Wealth Partners LLC acquired a new position in shares of Symbotic in the second quarter valued at approximately $1,727,000. nVerses Capital LLC acquired a new position in shares of Symbotic in the second quarter valued at approximately $158,000. Finally, Van ECK Associates Corp increased its position in shares of Symbotic by 109.5% during the second quarter. Van ECK Associates Corp now owns 2,723 shares of the company’s stock worth $96,000 after acquiring an additional 1,423 shares during the period.

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.