Symbotic (NASDAQ:SYM) Trading Down 2.1%

Symbotic Inc. (NASDAQ:SYM)’s stock price was down 2.1% during trading on Tuesday . The company traded as low as $39.02 and last traded at $39.42. Approximately 133,266 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 1,391,311 shares. The stock had previously closed at $40.26.

Analyst Upgrades and Downgrades

SYM has been the subject of several research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research note on Tuesday, February 6th. The Goldman Sachs Group lowered their price target on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 6th. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Wednesday, February 7th. William Blair reiterated a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. Finally, KeyCorp dropped their price target on Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $54.00.

Symbotic Stock Down 4.2 %

The firm has a market capitalization of $22.26 billion, a price-to-earnings ratio of -146.00 and a beta of 1.91. The business’s fifty day moving average is $43.08 and its 200 day moving average is $44.28.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The firm had revenue of $368.45 million for the quarter, compared to analyst estimates of $370.28 million. Equities research analysts expect that Symbotic Inc. will post -0.03 EPS for the current year.

Insider Activity at Symbotic

In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Monday, February 5th. The shares were sold at an average price of $51.50, for a total value of $103,000.00. The disclosure for this sale can be found here. Insiders have sold 7,101,622 shares of company stock valued at $275,077,529 over the last ninety days. 38.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC boosted its position in shares of Symbotic by 70.8% during the third quarter. Commonwealth Equity Services LLC now owns 16,266 shares of the company’s stock valued at $544,000 after purchasing an additional 6,743 shares in the last quarter. Pinnacle Associates Ltd. purchased a new position in shares of Symbotic during the 3rd quarter valued at $342,000. Dakota Wealth Management grew its position in shares of Symbotic by 43.4% during the third quarter. Dakota Wealth Management now owns 37,549 shares of the company’s stock worth $1,255,000 after purchasing an additional 11,367 shares in the last quarter. Raymond James & Associates boosted its position in shares of Symbotic by 19.5% during the third quarter. Raymond James & Associates now owns 502,488 shares of the company’s stock worth $16,798,000 after acquiring an additional 82,116 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Symbotic by 176.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 75,527 shares of the company’s stock valued at $2,525,000 after acquiring an additional 48,214 shares during 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.