Symbotic (NASDAQ:SYM) Stock Price Up 2.2%

Shares of Symbotic Inc. (NASDAQ:SYM) rose 2.2% on Wednesday . The stock traded as high as $42.37 and last traded at $41.79. Approximately 303,505 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 1,448,242 shares. The stock had previously closed at $40.88.

Analyst Ratings Changes

A number of research firms recently weighed in on SYM. 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. KeyCorp decreased their price target on Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 6th. The Goldman Sachs Group decreased their price target on Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock 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 company an “outperform” rating in a research note on Wednesday, April 10th. Finally, Robert W. Baird decreased their price target on Symbotic from $54.00 to $52.00 and set an “outperform” 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Symbotic Stock Down 0.3 %

The firm has a fifty day moving average of $43.77 and a 200-day moving average of $43.97. The stock has a market capitalization of $23.07 billion, a price-to-earnings ratio of -148.48 and a beta of 1.91.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. The company had revenue of $368.45 million during the quarter, compared to analysts’ expectations of $370.28 million. As a group, research analysts forecast that Symbotic Inc. will post -0.02 EPS for the current fiscal year.

Insider Transactions at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $42.20, for a total value of $84,400.00. Following the completion of the transaction, the director now directly owns 10,447 shares of the company’s stock, valued at $440,863.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Richard B. Cohen sold 5,000,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $38.32, for a total value of $191,600,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Friday, April 5th. The shares were sold at an average price of $42.20, for a total value of $84,400.00. Following the completion of the transaction, the director now owns 10,447 shares of the company’s stock, valued at $440,863.40. The disclosure for this sale can be found here. Insiders sold a total of 7,188,628 shares of company stock valued at $279,026,777 over the last three months. 38.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. increased its stake in Symbotic by 23.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,232 shares of the company’s stock valued at $53,000 after purchasing an additional 232 shares during the last quarter. Taylor Frigon Capital Management LLC grew its position in Symbotic by 0.5% during the third quarter. Taylor Frigon Capital Management LLC now owns 63,576 shares of the company’s stock valued at $2,125,000 after acquiring an additional 336 shares during the period. California State Teachers Retirement System grew its position in Symbotic by 3.0% during the third quarter. California State Teachers Retirement System now owns 13,641 shares of the company’s stock valued at $456,000 after acquiring an additional 399 shares during the period. National Bank of Canada FI grew 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 valued at $35,000 after acquiring an additional 400 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Symbotic by 8.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock valued at $250,000 after acquiring an additional 400 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.