Symbotic (NASDAQ:SYM) Stock Price Down 1.9%

Symbotic Inc. (NASDAQ:SYM)’s stock price was down 1.9% during mid-day trading on Tuesday . The stock traded as low as $23.37 and last traded at $23.93. Approximately 272,047 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 1,601,148 shares. The stock had previously closed at $24.39.

Analyst Upgrades and Downgrades

Several research firms have recently commented on SYM. KeyCorp reduced their price target on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. Vertical Research began coverage on shares of Symbotic in a research report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price objective for the company. Robert W. Baird decreased their target price on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a report on Wednesday, July 31st. Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, July 30th. Finally, Craig Hallum lowered their price objective on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Trading Down 1.2 %

The firm’s 50 day simple moving average is $23.78 and its 200 day simple moving average is $34.69. The firm has a market cap of $14.11 billion, a PE ratio of -99.70 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The firm had revenue of $491.86 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.07) earnings per share. As a group, equities research analysts predict that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In related news, insider Michael David Dunn sold 2,000 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $40.00, for a total transaction of $80,000.00. Following the sale, the insider now owns 74,808 shares of the company’s stock, valued at $2,992,320. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Todd Krasnow sold 17,000 shares of Symbotic stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $21.46, for a total value of $364,820.00. Following the completion of the transaction, the director now owns 214,036 shares in the company, valued at approximately $4,593,212.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael David Dunn sold 2,000 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $40.00, for a total value of $80,000.00. Following the sale, the insider now owns 74,808 shares in the company, valued at approximately $2,992,320. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,721 shares of company stock valued at $893,256. 38.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. bought a new stake in shares of Symbotic in the 1st quarter worth about $426,752,000. 1832 Asset Management L.P. boosted its position in shares of Symbotic by 189.5% during the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after buying an additional 690,900 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares during the period. Vanguard Group Inc. grew its stake in shares of Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares during the last quarter. Finally, Zevenbergen Capital Investments LLC raised its holdings in shares of Symbotic by 1,826.2% in the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock worth $16,253,000 after buying an additional 342,417 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.