Symbotic (NASDAQ:SYM) Stock Price Down 1.1%

Symbotic Inc. (NASDAQ:SYM) shares were down 1.1% on Tuesday . The stock traded as low as $22.95 and last traded at $23.25. Approximately 409,434 shares were traded during trading, a decline of 75% from the average daily volume of 1,610,234 shares. The stock had previously closed at $23.52.

Analysts Set New Price Targets

Several analysts have commented on the stock. Craig Hallum lowered their price objective on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a report on Tuesday, July 30th. Northland Securities dropped their price target on Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 30th. The Goldman Sachs Group cut their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. Finally, Needham & Company LLC reduced their target price on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Trading Up 1.8 %

The company has a market capitalization of $14.00 billion, a PE ratio of -96.88 and a beta of 1.81. The business’s fifty day moving average is $25.29 and its two-hundred day moving average is $35.43.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). The business had revenue of $491.86 million during the quarter, compared to the consensus estimate of $464.56 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. Symbotic’s quarterly revenue was up 57.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.07) earnings per share. As a group, equities research analysts anticipate that Symbotic Inc. will post -0.08 EPS for the current year.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total value of $70,980.00. Following the transaction, the director now owns 2,000 shares of the company’s stock, valued at $70,980. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total value of $70,980.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $70,980. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael David Dunn sold 5,188 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total value of $184,122.12. Following the sale, the insider now directly owns 76,808 shares of the company’s stock, valued at approximately $2,725,915.92. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,909 shares of company stock worth $1,148,358. 38.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. RiverPark Advisors LLC purchased a new position in shares of Symbotic in the first quarter valued at about $37,000. Pingora Partners LLC purchased a new position in Symbotic in the 4th quarter worth approximately $51,000. RFP Financial Group LLC boosted its stake in Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after purchasing an additional 310 shares during the period. Quarry LP purchased a new stake in Symbotic during the 2nd quarter valued at approximately $65,000. Finally, Natixis Investment Managers International bought a new stake in shares of Symbotic during the first quarter valued at approximately $90,000.

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.