Symbotic (NASDAQ:SYM) Shares Down 3%

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price dropped 3% during trading on Friday . The company traded as low as $43.13 and last traded at $43.51. Approximately 137,844 shares traded hands during trading, a decline of 91% from the average daily volume of 1,463,839 shares. The stock had previously closed at $44.85.

Wall Street Analysts Forecast Growth

SYM has been the topic of a number of recent analyst reports. KeyCorp cut their price target on shares of Symbotic from $63.00 to $55.00 and set an "overweight" rating on the stock in a report on Tuesday, February 6th. Robert W. Baird lowered their price objective on shares of Symbotic from $54.00 to $52.00 and set an "outperform" rating on the stock in a research report on Tuesday, February 6th. Needham & Company LLC lowered their price objective on shares of Symbotic from $58.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday, February 6th. Northland Securities increased their price objective on shares of Symbotic from $55.00 to $60.00 and gave the company an "outperform" rating in a research report on Wednesday. Finally, William Blair restated a "market perform" rating on shares of Symbotic in a research report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Symbotic presently has a consensus rating of "Moderate Buy" and an average target price of $54.00.

Symbotic Stock Performance

The stock has a market capitalization of $24.53 billion, a P/E ratio of -161.15 and a beta of 1.91. The company's 50-day moving average price is $44.05 and its 200 day moving average price is $43.65.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. The firm had revenue of $368.45 million for the quarter, compared to the consensus estimate of $370.28 million. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. Analysts predict that Symbotic Inc. will post -0.02 earnings per share for the current year.

Insider Activity at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the firm's stock in a transaction on Monday, February 5th. The shares were 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 Securities & Exchange Commission, which can be accessed through this hyperlink. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of Symbotic 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Merline Saintil sold 3,135 shares of Symbotic stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $44.74, for a total transaction of $140,259.90. Following the completion of the transaction, the director now directly owns 62,312 shares of the company's stock, valued at $2,787,838.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,188,628 shares of company stock valued at $279,026,777. Corporate insiders own 38.30% of the company's stock.

Hedge Funds Weigh In On Symbotic

A number of institutional investors and hedge funds have recently made changes to their positions in SYM. JPMorgan Chase & Co. purchased a new position in shares of Symbotic in the 2nd quarter worth $534,000. UBS Group AG bought a new stake in shares of Symbotic in the 3rd quarter worth about $224,000. BlackRock Inc. lifted its holdings in shares of Symbotic by 325.5% in the 3rd quarter. BlackRock Inc. now owns 170,213 shares of the company's stock worth $1,958,000 after acquiring an additional 130,213 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Symbotic in the 3rd quarter worth about $181,000. Finally, Vanguard Group Inc. bought a new stake in shares of Symbotic in the 3rd quarter worth about $1,523,000.

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.