Symbotic (NASDAQ:SYM) Shares Down 1.7%

Symbotic Inc. (NASDAQ:SYM) shares dropped 1.7% during mid-day trading on Thursday . The stock traded as low as $33.62 and last traded at $33.91. Approximately 222,941 shares changed hands during trading, a decline of 84% from the average daily volume of 1,373,733 shares. The stock had previously closed at $34.48.

Wall Street Analysts Forecast Growth

SYM has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, May 7th. William Blair reissued a “market perform” rating on shares of Symbotic in a report on Friday, May 10th. Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of Symbotic in a report on Tuesday, May 7th. Craig Hallum upped their price objective on shares of Symbotic from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Finally, Robert W. Baird upped their price objective on shares of Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, May 7th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.69.

Symbotic Price Performance

The firm’s 50-day simple moving average is $40.27 and its 200 day simple moving average is $43.80.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, May 6th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.25. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. The firm had revenue of $424.30 million for the quarter, compared to analysts’ expectations of $415.98 million. On average, equities analysts anticipate that Symbotic Inc. will post -0.07 EPS for the current year.

Insiders Place Their Bets

In other Symbotic news, major shareholder David A. Ladensohn sold 50,000 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Symbotic news, major shareholder David A. Ladensohn sold 50,000 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael David Dunn sold 5,444 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $43.29, for a total value of $235,670.76. Following the transaction, the insider now owns 71,366 shares of the company’s stock, valued at $3,089,434.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 150,214 shares of company stock worth $6,030,760. Company insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SYM. Cetera Advisors LLC raised its stake in shares of Symbotic by 11.2% in the first quarter. Cetera Advisors LLC now owns 8,372 shares of the company’s stock valued at $377,000 after purchasing an additional 841 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Symbotic in the first quarter valued at $770,000. Washington Harbour Partners LP raised its stake in shares of Symbotic by 45.6% in the first quarter. Washington Harbour Partners LP now owns 85,300 shares of the company’s stock valued at $3,838,000 after purchasing an additional 26,700 shares in the last quarter. Vista Investment Partners LLC raised its stake in shares of Symbotic by 11.1% in the first quarter. Vista Investment Partners LLC now owns 20,496 shares of the company’s stock valued at $922,000 after purchasing an additional 2,046 shares in the last quarter. Finally, Comerica Bank raised its stake in shares of Symbotic by 1,347.0% in the first quarter. Comerica Bank now owns 16,641 shares of the company’s stock valued at $749,000 after purchasing an additional 15,491 shares in the last quarter.

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.