Symbotic (NASDAQ:SYM) Stock Price Down 4.6%

Symbotic Inc. (NASDAQ:SYM) shares traded down 4.6% during trading on Thursday . The stock traded as low as $44.84 and last traded at $46.12. 528,986 shares were traded during trading, a decline of 63% from the average session volume of 1,422,548 shares. The stock had previously closed at $48.36.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Needham & Company LLC reissued a “buy” rating and set a $54.00 price target on shares of Symbotic in a research note on Tuesday. William Blair reissued a “market perform” rating on shares of Symbotic in a research note on Tuesday, February 6th. KeyCorp decreased their price target on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 6th. Craig Hallum raised their price objective on shares of Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $55.69.

Symbotic Stock Performance

The firm’s 50-day simple moving average is $43.30 and its 200 day simple moving average is $44.25. The stock has a market capitalization of $25.82 billion, a P/E ratio of -170.81 and a beta of 1.97.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, February 5th. The company reported ($0.02) 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 analysts’ expectations of $370.28 million. As a group, research analysts expect that Symbotic Inc. will post -0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder David A. Ladensohn sold 2,085,296 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Richard B. Cohen sold 5,000,000 shares of the company’s stock in a transaction dated 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 document filed with the SEC, which is accessible through the SEC website. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were 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. Insiders have sold 7,110,447 shares of company stock valued at $275,410,529 in the last three months. 38.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Blair William & Co. IL grew its position in shares of Symbotic by 418.1% during the 1st quarter. Blair William & Co. IL now owns 33,365 shares of the company’s stock worth $1,501,000 after purchasing an additional 26,925 shares in the last quarter. Avantax Advisory Services Inc. lifted its holdings in shares of Symbotic by 48.0% during the 1st quarter. Avantax Advisory Services Inc. now owns 9,737 shares of the company’s stock worth $438,000 after acquiring an additional 3,160 shares during the period. Swiss National Bank lifted its holdings in shares of Symbotic by 3.4% during the 1st quarter. Swiss National Bank now owns 33,000 shares of the company’s stock worth $1,485,000 after acquiring an additional 1,100 shares during the period. Zevenbergen Capital Investments LLC lifted its holdings in shares of Symbotic by 1,826.2% during the 1st quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock worth $16,253,000 after acquiring an additional 342,417 shares during the period. Finally, Oppenheimer & Co. Inc. bought a new stake in shares of Symbotic during the 1st quarter worth approximately $366,000.

Symbotic Company Profile

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.