Symbotic (NASDAQ:SYM) Shares Down 1.9%

Symbotic Inc. (NASDAQ:SYM) shares were down 1.9% during mid-day trading on Tuesday . The company traded as low as $23.37 and last traded at $23.93. Approximately 272,047 shares changed hands during trading, a decline of 83% from the average daily volume of 1,601,148 shares. The stock had previously closed at $24.39.

Wall Street Analysts Forecast Growth

SYM has been the topic of several recent analyst reports. Northland Securities reduced their price target on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. Vertical Research began coverage on shares of Symbotic in a research report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 target price on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. KeyCorp reduced their price objective on Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a report on Tuesday, July 30th. Finally, The Goldman Sachs Group lowered 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 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 MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Stock Performance

The stock has a market cap of $14.11 billion, a PE ratio of -99.70 and a beta of 1.81. The firm has a fifty day moving average price of $23.78 and a 200 day moving average price of $34.69.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results 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). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business had revenue of $491.86 million during the quarter, compared to analyst estimates of $464.56 million. During the same period in the prior year, the business posted ($0.07) EPS. Symbotic’s revenue was up 57.7% compared to the same quarter last year. On average, equities research analysts forecast that Symbotic Inc. will post -0.08 earnings per share for the current year.

Insiders Place Their Bets

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at $4,013,175. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, insider William M. Boyd III sold 8,826 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $38.71, for a total value of $341,654.46. Following the sale, the insider now owns 23,012 shares in the company, valued at $890,794.52. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 214,036 shares of the company’s stock, valued at $4,013,175. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,721 shares of company stock valued at $893,256. Insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. RiverPark Advisors LLC acquired a new position in Symbotic during the first quarter valued at $37,000. RFP Financial Group LLC lifted its holdings in shares of Symbotic by 22.4% in the 2nd 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 period. Quarry LP purchased a new stake in shares of Symbotic in the second quarter worth about $65,000. Natixis Investment Managers International acquired a new stake in Symbotic during the first quarter worth about $90,000. Finally, Van ECK Associates Corp raised its position in Symbotic by 109.5% during the second quarter. Van ECK Associates Corp now owns 2,723 shares of the company’s stock valued at $96,000 after acquiring an additional 1,423 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.