Symbotic (NASDAQ:SYM) Trading Down 0.9%

Shares of Symbotic Inc. (NASDAQ:SYM) dropped 0.9% during mid-day trading on Tuesday . The company traded as low as $39.51 and last traded at $40.25. Approximately 281,937 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 1,455,086 shares. The stock had previously closed at $40.61.

Analyst Ratings Changes

A number of research firms recently issued reports on SYM. KeyCorp reduced 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 objective on Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th. Needham & Company LLC decreased their price objective on Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, February 6th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a report on Tuesday, February 6th. Finally, Robert W. Baird decreased their price objective on Symbotic from $54.00 to $52.00 and set an “outperform” rating on the stock in a report on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $54.00.

Symbotic Price Performance

The stock has a fifty day moving average of $43.83 and a two-hundred day moving average of $44.00.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, February 5th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $368.45 million for 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%. Equities analysts forecast that Symbotic Inc. will post -0.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $51.50, for a total transaction of $103,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Michael David Dunn sold 5,444 shares of Symbotic stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $43.29, for a total transaction of $235,670.76. Following the sale, the insider now directly owns 71,366 shares of the company’s stock, valued at $3,089,434.14. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $51.50, for a total value of $103,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 7,188,628 shares of company stock worth $279,026,777 over the last quarter. 38.30% of the stock is owned by corporate insiders.

Institutional Trading of Symbotic

Hedge funds and other institutional investors have recently modified their holdings of the business. Softbank Group CORP. boosted its stake in Symbotic by 1,000.0% in the first quarter. Softbank Group CORP. now owns 22,000,000 shares of the company’s stock valued at $502,480,000 after acquiring an additional 20,000,000 shares during the period. Vanguard Group Inc. boosted its stake in Symbotic by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 2,081,034 shares of the company’s stock valued at $106,819,000 after acquiring an additional 40,699 shares during the period. 1832 Asset Management L.P. boosted its stake in Symbotic by 189.5% in 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 acquiring an additional 690,900 shares during the period. Frontier Capital Management Co. LLC boosted its position in shares of Symbotic by 202.3% during the first quarter. Frontier Capital Management Co. LLC now owns 1,041,144 shares of the company’s stock worth $23,780,000 after buying an additional 696,727 shares during the period. Finally, Voloridge Investment Management LLC boosted its position in shares of Symbotic by 19.1% during the fourth quarter. Voloridge Investment Management LLC now owns 882,734 shares of the company’s stock worth $45,311,000 after buying an additional 141,333 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.