Symbotic (NASDAQ:SYM) Stock Price Up 0.6%

Shares of Symbotic Inc. (NASDAQ:SYM) rose 0.6% during mid-day trading on Friday . The stock traded as high as $20.45 and last traded at $19.46. Approximately 465,549 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 1,533,120 shares. The stock had previously closed at $19.34.

Analyst Ratings Changes

A number of equities research analysts have commented on SYM shares. The Goldman Sachs Group reduced their price target on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. Robert W. Baird lowered their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research report on Tuesday, July 30th. Needham & Company LLC reduced their price objective on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Finally, Citigroup decreased their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Price Performance

The stock has a market capitalization of $11.26 billion, a P/E ratio of -81.08 and a beta of 1.86. The stock has a fifty day moving average price of $30.32 and a 200 day moving average price of $38.02.

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

Insider Activity at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $39.79, for a total transaction of $79,580.00. Following the completion of the sale, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $8,516,492.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Symbotic news, insider Michael David Dunn sold 5,188 shares of Symbotic stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $184,122.12. Following the transaction, the insider now directly owns 76,808 shares of the company’s stock, valued at $2,725,915.92. 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 business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $39.79, for a total transaction of $79,580.00. Following the completion of the sale, the director now owns 214,036 shares of the company’s stock, valued at $8,516,492.44. The disclosure for this sale can be found here. Insiders have sold 88,907 shares of company stock valued at $3,054,863 over the last three months. 38.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Baillie Gifford & Co. purchased a new position in Symbotic during the 1st quarter valued at about $426,752,000. 1832 Asset Management L.P. raised its holdings in shares of Symbotic by 189.5% during the fourth 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. Canada Pension Plan Investment Board lifted its stake in Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares during the period. Vanguard Group Inc. boosted its holdings in Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after acquiring an additional 345,386 shares in the last quarter. Finally, Zevenbergen Capital Investments LLC boosted its holdings in Symbotic by 1,826.2% in the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after acquiring an additional 342,417 shares in 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.