Symbotic (NASDAQ:SYM) Stock Price Down 2.8%

Symbotic Inc. (NASDAQ:SYM)’s share price was down 2.8% during trading on Monday . The company traded as low as $24.78 and last traded at $24.81. Approximately 156,812 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 1,604,383 shares. The stock had previously closed at $25.52.

Wall Street Analysts Forecast Growth

SYM has been the subject of several recent research reports. Craig Hallum lowered their price objective on Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. BWS Financial reiterated a “sell” rating and set a $10.00 price target on shares of Symbotic in a report on Friday. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a report on Tuesday, July 30th. Citigroup decreased their price objective on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Finally, The Goldman Sachs Group dropped their target price on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Symbotic presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.23.

Symbotic Trading Down 1.7 %

The stock has a 50 day moving average price of $24.07 and a 200 day moving average price of $34.84. The company has a market cap of $14.66 billion, a PE ratio of -103.38 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). The business 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% on a year-over-year basis. During the same quarter last year, the company earned ($0.07) EPS. Equities analysts expect that Symbotic Inc. will post -0.08 EPS for the current fiscal year.

Insider Activity

In related news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total value of $70,980.00. Following the transaction, the director now owns 2,000 shares of the company’s stock, valued at $70,980. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Michael David Dunn sold 1,895 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total transaction of $69,281.20. Following the completion of the transaction, the insider now directly owns 77,326 shares in the company, valued at $2,827,038.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total transaction of $70,980.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $70,980. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,909 shares of company stock valued at $1,148,358. 38.30% of the stock is currently owned by company insiders.

Institutional Trading of Symbotic

Several large investors have recently made changes to their positions in SYM. RiverPark Advisors LLC purchased a new stake in shares of Symbotic in the 1st quarter valued at approximately $37,000. RFP Financial Group LLC lifted its position in Symbotic by 22.4% in the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after buying an additional 310 shares during the last quarter. Quarry LP acquired a new position in shares of Symbotic in the second quarter worth $65,000. Natixis Investment Managers International purchased a new stake in Symbotic during the 1st quarter worth about $90,000. Finally, Van ECK Associates Corp grew its position in shares of Symbotic by 109.5% during the second quarter. Van ECK Associates Corp now owns 2,723 shares of the company’s stock worth $96,000 after buying an additional 1,423 shares in the last quarter.

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.