Symbotic (NASDAQ:SYM) Shares Up 0.7%

Symbotic Inc. (NASDAQ:SYM) shares shot up 0.7% during trading on Wednesday . The stock traded as high as $41.14 and last traded at $40.53. 220,932 shares were traded during mid-day trading, a decline of 84% from the average session volume of 1,415,316 shares. The stock had previously closed at $40.25.

Analysts Set New Price Targets

Several research firms recently commented on SYM. Needham & Company LLC lowered their target price on Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, February 6th. Robert W. Baird lowered their price target on Symbotic from $54.00 to $52.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 6th. KeyCorp lowered their price target on Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 6th. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Wednesday, February 7th. Finally, The Goldman Sachs Group lowered their price target on Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Symbotic has an average rating of “Moderate Buy” and an average target price of $54.00.

Symbotic Stock Down 2.2 %

The company has a 50-day moving average price of $43.19 and a 200 day moving average price of $44.21.

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

Insider Buying and Selling

In related news, insider Michael David Dunn sold 1,747 shares of the stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total transaction of $70,019.76. Following the completion of the sale, the insider now directly owns 74,032 shares in the company, valued at $2,967,202.56. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $39.69, for a total transaction of $82,765,398.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael David Dunn sold 1,747 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $40.08, for a total value of $70,019.76. Following the transaction, the insider now owns 74,032 shares in the company, valued at $2,967,202.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,108,673 shares of company stock worth $275,394,824. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp bought a new position in shares of Symbotic in the fourth quarter worth about $26,000. National Bank of Canada FI increased its stake in shares of Symbotic by 66.7% in 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 period. Providence Capital Advisors LLC bought a new position in shares of Symbotic in the third quarter worth about $33,000. Pingora Partners LLC bought a new position in shares of Symbotic in the fourth quarter worth about $51,000. Finally, Global Retirement Partners LLC increased its stake in shares of Symbotic by 166.7% in the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after purchasing an additional 660 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.