Symbotic (NASDAQ:SYM) Shares Down 6.1%

Symbotic Inc. (NASDAQ:SYM) was down 6.1% during mid-day trading on Wednesday . The stock traded as low as $35.00 and last traded at $35.72. Approximately 1,154,170 shares were traded during mid-day trading, a decline of 16% from the average daily volume of 1,367,065 shares. The stock had previously closed at $38.04.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Northland Securities increased their price target on shares of Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Needham & Company LLC restated a “buy” rating and issued a $54.00 price objective on shares of Symbotic in a research report on Tuesday, May 7th. William Blair restated a “market perform” rating on shares of Symbotic in a research report on Friday, May 10th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. Finally, Craig Hallum increased their price target on shares of Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Symbotic currently has an average rating of “Moderate Buy” and an average target price of $57.00.

Symbotic Trading Down 5.7 %

The company has a 50-day simple moving average of $39.03 and a 200 day simple moving average of $42.26. The company has a market cap of $20.98 billion, a P/E ratio of -148.33 and a beta of 1.87.

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

Insider Buying and Selling

In other Symbotic news, insider Michael David Dunn sold 1,200 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $44.02, for a total value of $52,824.00. Following the completion of the sale, the insider now directly owns 70,832 shares in the company, valued at $3,118,024.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, major shareholder David A. Ladensohn sold 50,000 shares of the firm’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 document filed with the SEC, which can be accessed through the SEC website. Also, insider Michael David Dunn sold 1,200 shares of Symbotic stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $44.02, for a total value of $52,824.00. Following the transaction, the insider now owns 70,832 shares in the company, valued at approximately $3,118,024.64. The disclosure for this sale can be found here. Insiders sold 149,958 shares of company stock worth $5,965,792 in the last three months. 38.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quadrature Capital Ltd acquired a new stake in shares of Symbotic in the fourth quarter valued at $1,669,000. Seven Eight Capital LP acquired a new stake in shares of Symbotic in the fourth quarter valued at $2,568,000. Dynamic Technology Lab Private Ltd acquired a new position in Symbotic during the 4th quarter worth $2,302,000. BOCHK Asset Management Ltd acquired a new position in Symbotic during the 4th quarter worth $3,208,000. Finally, Coatue Management LLC acquired a new position in Symbotic during the 4th quarter worth $11,088,000.

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.