Symbotic (NASDAQ:SYM) Stock Price Down 2%

Symbotic Inc. (NASDAQ:SYM) traded down 2% during trading on Thursday . The company traded as low as $17.46 and last traded at $17.75. 312,426 shares were traded during mid-day trading, a decline of 80% from the average session volume of 1,549,134 shares. The stock had previously closed at $18.12.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group decreased their price target on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. TD Cowen lowered their target price on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Northland Securities cut their price target on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, July 30th. Needham & Company LLC lowered their price objective on Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.23.

Symbotic Stock Performance

The company’s 50-day moving average is $29.23 and its 200-day moving average is $37.24. The firm has a market cap of $10.39 billion, a price-to-earnings ratio of -73.96 and a beta of 1.82.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The company had revenue of $491.86 million for the quarter, compared to analyst estimates of $464.56 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. Symbotic’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.07) earnings per share. On average, analysts predict that Symbotic Inc. will post -0.08 EPS for the current year.

Insider Transactions at Symbotic

In other Symbotic news, Director Todd Krasnow sold 17,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $21.46, for a total transaction of $364,820.00. Following the transaction, the director now directly owns 214,036 shares in the company, valued at approximately $4,593,212.56. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Rollin L. Ford sold 49,998 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $37.29, for a total value of $1,864,425.42. Following the transaction, the director now directly owns 10,447 shares in the company, valued at approximately $389,568.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 17,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $21.46, for a total value of $364,820.00. Following the completion of the sale, the director now owns 214,036 shares of the company’s stock, valued at approximately $4,593,212.56. The disclosure for this sale can be found here. Insiders sold a total of 86,907 shares of company stock worth $2,975,283 over the last 90 days. 38.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

Institutional investors have recently modified their holdings of the stock. Baillie Gifford & Co. grew its holdings in shares of Symbotic by 12.4% in the 2nd quarter. Baillie Gifford & Co. now owns 10,660,949 shares of the company’s stock valued at $374,839,000 after buying an additional 1,177,578 shares during the period. Vanguard Group Inc. grew its stake in Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after acquiring an additional 345,386 shares during the period. 1832 Asset Management L.P. grew 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 acquiring an additional 690,900 shares during the period. Canada Pension Plan Investment Board raised its position in shares of Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after purchasing an additional 509,700 shares during the period. Finally, Raymond James & Associates lifted its holdings in shares of Symbotic by 8.4% during the 2nd quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock valued at $23,491,000 after purchasing an additional 51,712 shares in the last quarter.

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.