Symbotic (NASDAQ:SYM) Stock Price Down 2%

Shares of Symbotic Inc. (NASDAQ:SYM) fell 2% on Wednesday . The company traded as low as $35.40 and last traded at $35.45. 174,752 shares changed hands during trading, a decline of 87% from the average session volume of 1,375,169 shares. The stock had previously closed at $36.19.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SYM. Craig Hallum upped 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 increased their price objective on Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Needham & Company LLC reissued a “buy” rating and issued a $54.00 price objective on shares of Symbotic in a report on Tuesday, May 7th. William Blair restated a “market perform” rating on shares of Symbotic in a research note on Friday, May 10th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Two 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, the company has an average rating of “Moderate Buy” and an average price target of $57.00.

Symbotic Stock Performance

The firm has a market capitalization of $20.75 billion, a PE ratio of -147.70 and a beta of 1.87. The firm has a fifty day moving average of $39.38 and a 200 day moving average of $42.89.

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

Insiders Place Their Bets

In other news, major shareholder David A. Ladensohn sold 50,000 shares of Symbotic stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $40.89, for a total value of $2,044,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $42.20, for a total transaction of $84,400.00. Following the completion of the transaction, the director now owns 10,447 shares in the company, valued at approximately $440,863.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder David A. Ladensohn sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $40.89, for a total value of $2,044,500.00. The disclosure for this sale can be found here. Insiders have sold 144,770 shares of company stock worth $5,795,090 in the last three months. 38.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Several institutional investors have recently bought and sold shares of the stock. Van ECK Associates Corp acquired a new position in Symbotic during the 4th quarter valued at about $26,000. RiverPark Advisors LLC acquired a new position in Symbotic during the 1st quarter valued at about $37,000. Global Retirement Partners LLC boosted its position in shares of Symbotic by 166.7% during the 1st quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after purchasing an additional 660 shares in the last quarter. Pingora Partners LLC bought a new position in shares of Symbotic during the 4th quarter valued at about $51,000. Finally, Centerpoint Advisors LLC bought a new position in shares of Symbotic during the 4th quarter valued at about $62,000.

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.