Symbotic (NASDAQ:SYM) Shares Down 0.9%

Symbotic Inc. (NASDAQ:SYM) shares were down 0.9% during mid-day trading on Friday . The company traded as low as $24.29 and last traded at $24.78. Approximately 335,265 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 1,592,822 shares. The stock had previously closed at $25.00.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SYM shares. Craig Hallum dropped their target price on Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Citigroup dropped their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company 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 for the company in a report on Tuesday, July 30th. Vertical Research initiated coverage on Symbotic in a report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price target on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Symbotic currently has an average rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Stock Performance

The firm has a market capitalization of $14.36 billion, a P/E ratio of -103.25 and a beta of 1.81. The company has a 50-day moving average price of $25.88 and a 200-day moving average price of $35.75.

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

Insiders Place Their Bets

In other Symbotic news, insider Michael David Dunn sold 2,000 shares of Symbotic stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $40.00, for a total transaction of $80,000.00. Following the transaction, the insider now directly owns 74,808 shares in the company, valued at $2,992,320. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Symbotic news, insider Michael David Dunn sold 2,000 shares of Symbotic stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $40.00, for a total transaction of $80,000.00. Following the transaction, the insider now directly owns 74,808 shares in the company, valued at $2,992,320. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 17,000 shares of Symbotic stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $21.46, for a total value of $364,820.00. Following the transaction, the director now owns 214,036 shares in the company, valued at $4,593,212.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,909 shares of company stock worth $1,148,358. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several hedge funds and other institutional investors have recently modified their holdings of the company. RiverPark Advisors LLC acquired a new stake in shares of Symbotic in the first quarter valued at about $37,000. Pingora Partners LLC acquired a new position in Symbotic during the fourth quarter worth approximately $51,000. RFP Financial Group LLC increased its position in Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after buying an additional 310 shares during the last quarter. Quarry LP acquired a new position in Symbotic during the second quarter worth approximately $65,000. Finally, Natixis Investment Managers International bought a new stake in shares of Symbotic during the first quarter worth 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.