Symbotic (NASDAQ:SYM) Stock Price Down 3.8%

Symbotic Inc. (NASDAQ:SYMGet Free Report)’s stock price dropped 3.8% during trading on Thursday . The company traded as low as $42.64 and last traded at $42.80. Approximately 210,081 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 1,476,893 shares. The stock had previously closed at $44.50.

Analyst Upgrades and Downgrades

SYM has been the subject of a number of recent research reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research note on Tuesday, February 6th. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, February 7th. William Blair reissued a “market perform” rating on shares of Symbotic in a research note on Tuesday, February 6th. Northland Securities lifted their price objective on shares of Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Needham & Company LLC dropped their price objective on shares of Symbotic from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, February 6th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Symbotic currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Get Our Latest Stock Analysis on Symbotic

Symbotic Stock Performance

The company’s 50 day simple moving average is $43.89 and its two-hundred day simple moving average is $43.73.

Symbotic (NASDAQ:SYMGet Free Report) last announced its earnings results on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The company had revenue of $368.45 million during the quarter, compared to analyst estimates of $370.28 million. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. As a group, equities analysts forecast that Symbotic Inc. will post -0.02 EPS for the current year.

Insider Activity

In other news, major shareholder David A. Ladensohn sold 2,085,296 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Michael David Dunn sold 74,198 shares of Symbotic stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $45.69, for a total value of $3,390,106.62. Following the completion of the transaction, the insider now owns 62,624 shares in the company, valued at $2,861,290.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $39.69, for a total transaction of $82,765,398.24. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,188,628 shares of company stock valued at $279,026,777. 38.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Softbank Group CORP. raised its holdings in Symbotic by 1,000.0% during the first quarter. Softbank Group CORP. now owns 22,000,000 shares of the company’s stock worth $502,480,000 after purchasing an additional 20,000,000 shares in the last quarter. Frontier Capital Management Co. LLC raised its holdings in Symbotic by 202.3% during the first quarter. Frontier Capital Management Co. LLC now owns 1,041,144 shares of the company’s stock worth $23,780,000 after purchasing an additional 696,727 shares in the last quarter. 1832 Asset Management L.P. raised its holdings in Symbotic by 189.5% during the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after purchasing an additional 690,900 shares in the last quarter. FMR LLC raised its holdings in Symbotic by 759.7% during the first quarter. FMR LLC now owns 383,593 shares of the company’s stock worth $8,761,000 after purchasing an additional 338,975 shares in the last quarter. Finally, First Trust Advisors LP acquired a new stake in Symbotic during the first quarter worth approximately $6,538,000.

About Symbotic

(Get Free Report)

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.

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