Symbotic (NASDAQ:SYM) Shares Down 2.6%

Symbotic Inc. (NASDAQ:SYMGet Free Report) dropped 2.6% on Friday . The company traded as low as $33.07 and last traded at $33.11. Approximately 286,977 shares traded hands during trading, a decline of 79% from the average daily volume of 1,375,584 shares. The stock had previously closed at $34.01.

Wall Street Analysts Forecast Growth

SYM has been the topic of a number of research reports. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research note on Friday, May 10th. Craig Hallum boosted their target price on shares of Symbotic from $55.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Northland Securities boosted their target price on shares of Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Robert W. Baird boosted their target price on shares of Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $54.00 target price on shares of Symbotic in a research note on Tuesday, May 7th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Symbotic presently has an average rating of “Moderate Buy” and an average target price of $55.69.

Check Out Our Latest Research Report on Symbotic

Symbotic Price Performance

The firm has a market cap of $19.05 billion, a price-to-earnings ratio of -137.95 and a beta of 1.92. The firm’s fifty day moving average is $40.47 and its 200-day moving average is $43.97.

Symbotic (NASDAQ:SYMGet Free Report) last released its earnings results on Monday, May 6th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.25. The business had revenue of $424.30 million for the quarter, compared to analyst estimates of $415.98 million. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. As a group, equities research analysts anticipate that Symbotic Inc. will post -0.07 EPS for the current year.

Insider Activity at Symbotic

In other news, insider Michael David Dunn sold 1,200 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $44.02, for a total transaction of $52,824.00. Following the transaction, the insider now owns 70,832 shares in the company, valued at $3,118,024.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $42.20, for a total transaction of $84,400.00. Following the transaction, the director now owns 10,447 shares in the company, valued at $440,863.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael David Dunn sold 1,200 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $44.02, for a total transaction 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 have sold a total of 150,214 shares of company stock worth $6,030,760 over the last quarter. Company insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Baillie Gifford & Co. bought a new stake in shares of Symbotic during the first quarter worth about $426,752,000. Vanguard Group Inc. increased its position in shares of Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after acquiring an additional 345,386 shares in the last quarter. 1832 Asset Management L.P. grew its position in Symbotic by 189.5% in the 4th 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. Raymond James & Associates grew its position in Symbotic by 6.3% in the 1st quarter. Raymond James & Associates now owns 616,391 shares of the company’s stock worth $27,738,000 after purchasing an additional 36,515 shares in the last quarter. Finally, First Trust Advisors LP grew its position in Symbotic by 44.0% in the 4th quarter. First Trust Advisors LP now owns 510,237 shares of the company’s stock worth $26,190,000 after purchasing an additional 155,828 shares in the last quarter.

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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