Symbotic (NASDAQ:SYM) Stock Price Down 0.6%

Symbotic Inc. (NASDAQ:SYM) shares traded down 0.6% during mid-day trading on Wednesday . The stock traded as low as $23.31 and last traded at $23.51. 140,299 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 1,607,661 shares. The stock had previously closed at $23.65.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft upped their target price on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. Needham & Company LLC decreased their target price on Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Citigroup decreased their target price on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. KeyCorp decreased their target price on Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Finally, The Goldman Sachs Group decreased their target price on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Stock Down 3.3 %

The business has a fifty day simple moving average of $24.94 and a 200-day simple moving average of $35.28. The firm has a market cap of $13.39 billion, a P/E ratio of -97.95 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, July 29th. The company reported ($0.02) earnings per share (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 the consensus estimate of $464.56 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. Symbotic’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.07) EPS. On average, sell-side analysts anticipate that Symbotic Inc. will post -0.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michael David Dunn sold 5,188 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total transaction of $184,122.12. Following the completion of the transaction, the insider now directly owns 76,808 shares in the company, valued at $2,725,915.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the completion of the transaction, the director now directly owns 214,036 shares in the company, valued at $4,013,175. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael David Dunn sold 5,188 shares of the firm’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total value of $184,122.12. Following the transaction, the insider now owns 76,808 shares of the company’s stock, valued at $2,725,915.92. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,909 shares of company stock worth $1,148,358. 38.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. boosted its position in shares of Symbotic by 7.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock valued at $597,000 after buying an additional 800 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Symbotic by 170.4% during the fourth quarter. Wells Fargo & Company MN now owns 171,585 shares of the company’s stock valued at $8,807,000 after buying an additional 108,126 shares during the last quarter. US Bancorp DE boosted its position in shares of Symbotic by 434.6% during the fourth quarter. US Bancorp DE now owns 13,344 shares of the company’s stock valued at $685,000 after buying an additional 10,848 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its position in shares of Symbotic by 201.8% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 17,274 shares of the company’s stock valued at $887,000 after buying an additional 11,550 shares during the last quarter. Finally, Pingora Partners LLC purchased a new stake in shares of Symbotic during the fourth quarter valued at $51,000.

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.