Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price dropped 3.8% during mid-day trading on Thursday . The company traded as low as $42.64 and last traded at $42.80. Approximately 210,081 shares traded hands during trading, a decline of 86% from the average daily volume of 1,476,893 shares. The stock had previously closed at $44.50.
Analyst Ratings Changes
SYM has been the topic of a number of research analyst reports. Cantor Fitzgerald restated an "overweight" rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, February 6th. Needham & Company LLC cut their target price on Symbotic from $58.00 to $54.00 and set a "buy" rating on the stock in a report on Tuesday, February 6th. Northland Securities increased their target price on Symbotic from $55.00 to $60.00 and gave the stock an "outperform" rating in a report on Wednesday. DA Davidson upgraded Symbotic from a "neutral" rating to a "buy" rating and set a $50.00 target price on the stock in a report on Wednesday, February 7th. Finally, KeyCorp lowered 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 investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $54.00.
Read Our Latest Analysis on SYM
Symbotic Stock Performance
The stock has a market cap of $25.88 billion, a P/E ratio of -158.52 and a beta of 1.91. The stock has a 50-day moving average price of $44.09 and a 200-day moving average price of $43.64.
Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $368.45 million during the quarter, compared to the consensus estimate of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. Sell-side analysts forecast that Symbotic Inc. will post -0.02 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Symbotic news, insider Michael David Dunn sold 74,198 shares of Symbotic stock in a transaction that occurred on Monday, January 22nd. The stock was sold at an average price of $45.69, for a total value of $3,390,106.62. Following the transaction, the insider now directly owns 62,624 shares of the company's stock, valued at approximately $2,861,290.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Todd Krasnow sold 2,000 shares of the business's stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $51.50, for a total transaction of $103,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Michael David Dunn sold 74,198 shares of the business's stock in a transaction that occurred on Monday, January 22nd. The shares were sold at an average price of $45.69, for a total value of $3,390,106.62. Following the transaction, the insider now directly owns 62,624 shares in the company, valued at $2,861,290.56. The disclosure for this sale can be found here. Insiders have sold 7,188,628 shares of company stock valued at $279,026,777 in the last ninety days. Company insiders own 38.30% of the company's stock.
Hedge Funds Weigh In On Symbotic
Several hedge funds have recently made changes to their positions in SYM. JPMorgan Chase & Co. bought a new stake in shares of Symbotic during the second quarter valued at approximately $534,000. UBS Group AG purchased a new stake in shares of Symbotic during the third quarter valued at $224,000. BlackRock Inc. boosted its position in Symbotic by 325.5% in the third quarter. BlackRock Inc. now owns 170,213 shares of the company's stock worth $1,958,000 after purchasing an additional 130,213 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Symbotic in the third quarter worth about $181,000. Finally, Vanguard Group Inc. purchased a new position in Symbotic in the third quarter worth about $1,523,000.
About Symbotic
(
Get Free Report)
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.
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