Symbotic (NASDAQ:SYM) Shares Down 4.3%

Symbotic Inc. (NASDAQ:SYM)’s share price traded down 4.3% on Wednesday . The stock traded as low as $45.62 and last traded at $45.84. 441,032 shares were traded during mid-day trading, a decline of 72% from the average session volume of 1,584,065 shares. The stock had previously closed at $47.89.

Analyst Ratings Changes

A number of analysts have commented on the stock. The Goldman Sachs Group cut their price target on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 6th. William Blair reissued a “market perform” rating on shares of Symbotic in a research report on Tuesday, February 6th. Needham & Company LLC reduced their target price on shares of Symbotic from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, February 6th. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Wednesday, February 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.85.

Symbotic Stock Down 0.5 %

The firm’s fifty day moving average price is $43.83 and its two-hundred day moving average price is $42.80. The stock has a market capitalization of $25.97 billion, a PE ratio of -166.67 and a beta of 1.90.

Symbotic (NASDAQ:SYM) last announced its 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. The company had revenue of $368.45 million during 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%. As a group, analysts predict that Symbotic Inc. will post -0.02 EPS for the current year.

Insiders Place Their Bets

In related news, Director Merline Saintil sold 3,135 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $44.74, for a total transaction of $140,259.90. Following the completion of the transaction, the director now owns 62,312 shares in the company, valued at $2,787,838.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Merline Saintil sold 3,135 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $44.74, for a total transaction of $140,259.90. Following the sale, the director now owns 62,312 shares of the company’s stock, valued at $2,787,838.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Richard B. Cohen sold 5,000,000 shares of the stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The disclosure for this sale can be found here. Insiders sold a total of 7,328,104 shares of company stock worth $285,346,932 over the last three months. 38.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently bought and sold shares of SYM. Van ECK Associates Corp purchased a new position in shares of Symbotic during the 4th quarter valued at approximately $26,000. Rockefeller Capital Management L.P. acquired a new position in Symbotic during the fourth quarter worth $29,000. Providence Capital Advisors LLC purchased a new position in Symbotic during the third quarter valued at $33,000. National Bank of Canada FI lifted its holdings in Symbotic by 66.7% during the third quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock valued at $35,000 after purchasing an additional 400 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Symbotic by 1,412.0% during the first quarter. JPMorgan Chase & Co. now owns 1,512 shares of the company’s stock valued at $35,000 after purchasing an additional 1,412 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.