Symbotic Inc. (NASDAQ:SYM – Get Rating)’s share price was down 5.1% during trading on Wednesday . The company traded as low as $12.22 and last traded at $12.22. Approximately 7,668 shares changed hands during trading, a decline of 97% from the average daily volume of 303,701 shares. The stock had previously closed at $12.88.
Wall Street Analyst Weigh In
A number of research firms have issued reports on SYM. The Goldman Sachs Group initiated coverage on Symbotic in a report on Monday, July 25th. They issued a “neutral” rating and a $19.00 price objective for the company. Cowen started coverage on Symbotic in a research note on Tuesday, June 21st. They issued an “outperform” rating and a $18.00 price objective on the stock. Robert W. Baird lifted their target price on Symbotic from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Tuesday, August 2nd. Raymond James lifted their target price on Symbotic from $18.00 to $23.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. Finally, Northland Securities boosted their price objective on Symbotic from $16.00 to $20.00 in a report on Tuesday, August 2nd. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, Symbotic currently has an average rating of “Moderate Buy” and a consensus target price of $20.27.
Symbotic Stock Down 8.3 %
The firm has a 50 day moving average price of $14.93.
Insider Buying and Selling at Symbotic
In other Symbotic news, insider Michael David Dunn sold 34,436 shares of the stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $13.19, for a total transaction of $454,210.84. Following the completion of the transaction, the insider now owns 199,964 shares of the company’s stock, valued at $2,637,525.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 98,334 shares of company stock valued at $1,352,282 over the last quarter.
Institutional Investors Weigh In On Symbotic
Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. acquired a new stake in shares of Symbotic in the second quarter valued at $534,000. Navis Wealth Advisors LLC purchased a new stake in shares of Symbotic during the 2nd quarter worth approximately $8,067,000. Finally, SB Global Advisers Ltd acquired a new position in shares of Symbotic during the 2nd quarter worth approximately $219,400,000.
Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. It offers The Symbotic System, a full-service warehouse automation system that reduces costs, improves efficiency, and maximizes inventory. The company is based in Wilmington, Massachusetts.
- Get a free copy of the StockNews.com research report on Symbotic (SYM)
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