Symbotic (NASDAQ:SYM) Trading Down 6.7%

Symbotic Inc. (NASDAQ:SYM) shares traded down 6.7% during mid-day trading on Tuesday . The company traded as low as $17.74 and last traded at $17.92. 1,122,663 shares traded hands during trading, a decline of 27% from the average session volume of 1,537,400 shares. The stock had previously closed at $19.20.

Analyst Upgrades and Downgrades

SYM has been the topic of several recent research reports. KeyCorp decreased their target price on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. BWS Financial reaffirmed a “sell” rating and issued a $10.00 target price on shares of Symbotic in a report on Tuesday, July 30th. William Blair reiterated a “market perform” rating on shares of Symbotic in a research report on Friday, May 10th. 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 report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Trading Down 0.7 %

The company has a market capitalization of $10.54 billion, a P/E ratio of -75.00 and a beta of 1.82. The business has a 50 day moving average price of $29.23 and a 200 day moving average price of $37.24.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, July 29th. The company reported ($0.02) 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 negative net margin of 1.03% and a positive return on equity of 4.08%. Symbotic’s quarterly revenue was up 57.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.07) EPS. On average, analysts forecast that Symbotic Inc. will post -0.08 EPS for the current fiscal year.

Insider Activity

In other Symbotic news, insider Michael David Dunn sold 5,188 shares of the company’s 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 $184,122.12. Following the sale, the insider now owns 76,808 shares in the company, valued at $2,725,915.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Michael David Dunn sold 5,188 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 transaction of $184,122.12. Following the transaction, the insider now owns 76,808 shares in the company, valued at $2,725,915.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the business’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 sale, the director now owns 214,036 shares of the company’s stock, valued at $4,013,175. The disclosure for this sale can be found here. Insiders have sold a total of 88,907 shares of company stock worth $3,012,783 over the last three months. Corporate insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. lifted its stake in Symbotic by 12.4% during the second quarter. Baillie Gifford & Co. now owns 10,660,949 shares of the company’s stock worth $374,839,000 after purchasing an additional 1,177,578 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after buying an additional 345,386 shares during the last quarter. 1832 Asset Management L.P. boosted its stake in Symbotic by 189.5% in the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after buying an additional 690,900 shares in the last quarter. Canada Pension Plan Investment Board grew its position in Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Finally, Raymond James & Associates lifted its holdings in shares of Symbotic by 8.4% in the second quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock worth $23,491,000 after acquiring an additional 51,712 shares during 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.