Symbotic (NASDAQ:SYM) Trading 0.7% Higher

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) traded up 0.7% during mid-day trading on Wednesday . The company traded as high as $41.14 and last traded at $40.53. 220,932 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 1,415,316 shares. The stock had previously closed at $40.25.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Cantor Fitzgerald reiterated an "overweight" rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday, February 6th. Needham & Company LLC reduced their price target on Symbotic from $58.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday, February 6th. William Blair reissued a "market perform" rating on shares of Symbotic in a report on Tuesday, February 6th. The Goldman Sachs Group reduced their price target on Symbotic from $51.00 to $44.00 and set a "neutral" rating for the company in a report on Tuesday, February 6th. Finally, Robert W. Baird reduced their price target on Symbotic from $54.00 to $52.00 and set an "outperform" rating for the company in a report on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $54.00.

Symbotic Stock Performance

The firm has a market cap of $23.33 billion, a P/E ratio of -149.74 and a beta of 1.91. The firm has a fifty day moving average of $43.30 and a 200-day moving average of $44.25.

Symbotic (NASDAQ:SYM - Get Free Report) last announced 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 return on equity of 35.06% and a negative net margin of 1.39%. The business had revenue of $368.45 million for the quarter, compared to the consensus estimate of $370.28 million. Equities research analysts expect that Symbotic Inc. will post -0.02 earnings per share for the current year.

Insider Activity

In other news, insider Michael David Dunn sold 7,051 shares of Symbotic stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $45.00, for a total transaction of $317,295.00. Following the transaction, the insider now directly owns 65,646 shares in the company, valued at approximately $2,954,070. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, major shareholder David A. Ladensohn sold 2,085,296 shares of the firm's stock in a transaction on Monday, February 26th. The stock was 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 Securities & Exchange Commission, which is available through this link. Also, insider Michael David Dunn sold 7,051 shares of the firm's stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $45.00, for a total value of $317,295.00. Following the sale, the insider now directly owns 65,646 shares of the company's stock, valued at $2,954,070. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,106,926 shares of company stock worth $275,324,804. 38.30% of the stock is owned by company insiders.

Institutional Trading of Symbotic

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Symbotic by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 2,081,034 shares of the company's stock worth $106,819,000 after buying an additional 40,699 shares during the period. 1832 Asset Management L.P. boosted its position in Symbotic by 189.5% during 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 purchasing an additional 690,900 shares during the last quarter. Raymond James & Associates boosted its position in Symbotic by 6.3% during the first quarter. Raymond James & Associates now owns 616,391 shares of the company's stock valued at $27,738,000 after purchasing an additional 36,515 shares during the last quarter. First Trust Advisors LP boosted its position in Symbotic by 44.0% during the fourth quarter. First Trust Advisors LP now owns 510,237 shares of the company's stock valued at $26,190,000 after purchasing an additional 155,828 shares during the last quarter. Finally, S Squared Technology LLC boosted its position in Symbotic by 3.8% during the fourth quarter. S Squared Technology LLC now owns 270,000 shares of the company's stock valued at $13,859,000 after purchasing an additional 10,000 shares during the last quarter.

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.