Symbotic (NASDAQ:SYM) Shares Down 0.8%

Symbotic Inc. (NASDAQ:SYM) was down 0.8% during mid-day trading on Tuesday . The stock traded as low as $48.60 and last traded at $48.88. Approximately 241,104 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 1,596,603 shares. The stock had previously closed at $49.27.

Analyst Ratings Changes

A number of analysts have commented on SYM shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research report on Tuesday, February 6th. KeyCorp lowered their price objective on Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 6th. Needham & Company LLC decreased their price target on Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, February 6th. Robert W. Baird decreased their price objective on shares of Symbotic from $54.00 to $52.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 6th. Finally, DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Wednesday, February 7th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.85.

Symbotic Price Performance

The firm has a market capitalization of $26.10 billion, a P/E ratio of -167.52 and a beta of 1.90. The business’s 50-day moving average is $43.76 and its 200 day moving average is $42.78.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The firm had revenue of $368.45 million during the quarter, compared to analysts’ expectations of $370.28 million. Analysts anticipate 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 business’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $50.49, for a total transaction of $100,980.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Symbotic news, insider Michael David Dunn sold 76,078 shares of Symbotic stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $46.61, for a total transaction of $3,545,995.58. Following the completion of the transaction, the insider now directly owns 99,956 shares of the company’s stock, valued at $4,658,949.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $50.49, for a total transaction of $100,980.00. The disclosure for this sale can be found here. Insiders have sold 7,328,104 shares of company stock worth $285,346,932 over the last ninety days. 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. Van ECK Associates Corp purchased a new position in shares of Symbotic in the 4th quarter valued at $26,000. Rockefeller Capital Management L.P. purchased a new position in shares of Symbotic during the 4th quarter worth about $29,000. Providence Capital Advisors LLC purchased a new stake in Symbotic in the third quarter valued at approximately $33,000. National Bank of Canada FI increased its position in Symbotic by 66.7% during the third quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock worth $35,000 after purchasing an additional 400 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Symbotic by 1,412.0% during the 1st quarter. JPMorgan Chase & Co. now owns 1,512 shares of the company’s stock valued at $35,000 after buying an additional 1,412 shares during the period.

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.