Symbotic (NASDAQ:SYM) Stock Price Down 1.8%

Symbotic Inc. (NASDAQ:SYM)’s share price dropped 1.8% during mid-day trading on Monday . The stock traded as low as $38.85 and last traded at $39.03. Approximately 192,878 shares were traded during trading, a decline of 87% from the average daily volume of 1,436,216 shares. The stock had previously closed at $39.73.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. William Blair reissued a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. KeyCorp cut their price objective on Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, February 6th. Northland Securities lifted their price target on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Robert W. Baird reduced their price objective on Symbotic from $54.00 to $52.00 and set an “outperform” rating for the company in a research note on Tuesday, February 6th. Finally, The Goldman Sachs Group lowered their target price on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a research note 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. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Symbotic Stock Up 1.5 %

The company has a 50 day moving average price of $43.42 and a 200 day moving average price of $44.27.

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

Insiders Place Their Bets

In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction on 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 disclosure for this sale can be found here. Insiders have sold a total of 7,106,926 shares of company stock worth $275,324,804 in the last quarter. 38.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Symbotic

Institutional investors have recently bought and sold shares of the company. Barclays PLC raised its position in Symbotic by 195.5% in the third quarter. Barclays PLC now owns 8,008 shares of the company’s stock worth $268,000 after acquiring an additional 5,298 shares in the last quarter. Aigen Investment Management LP acquired a new stake in shares of Symbotic in the 3rd quarter worth approximately $545,000. LPL Financial LLC raised its holdings in Symbotic by 578.0% during the third quarter. LPL Financial LLC now owns 102,059 shares of the company’s stock worth $3,412,000 after purchasing an additional 87,006 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Symbotic by 176.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 75,527 shares of the company’s stock worth $2,525,000 after purchasing an additional 48,214 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Symbotic in the third quarter valued at $1,101,000.

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.