Symbotic (NASDAQ:SYM) Trading Down 2.9%

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price dropped 2.9% during mid-day trading on Monday . The stock traded as low as $40.72 and last traded at $41.29. Approximately 329,029 shares were traded during trading, a decline of 77% from the average daily volume of 1,458,375 shares. The stock had previously closed at $42.51.

Analyst Ratings Changes

SYM has been the subject of several research analyst reports. Northland Securities lifted their target price on shares of Symbotic from $55.00 to $60.00 and gave the company an "outperform" rating in a research report on Wednesday, April 10th. DA Davidson upgraded shares of Symbotic from a "neutral" rating to a "buy" rating and set a $50.00 target price for the company in a research report on Wednesday, February 7th. Cantor Fitzgerald reiterated an "overweight" rating and set a $60.00 target price on shares of Symbotic in a research report on Tuesday, February 6th. William Blair reiterated a "market perform" rating on shares of Symbotic in a research report on Tuesday, February 6th. Finally, KeyCorp dropped their target price on shares of Symbotic from $63.00 to $55.00 and set an "overweight" rating for the company in a research report on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $54.00.

Symbotic Trading Down 4.5 %

The stock's fifty day moving average is $43.89 and its 200 day moving average is $43.90. The company has a market capitalization of $23.43 billion, a P/E ratio of -152.93 and a beta of 1.91.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data 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 business 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%. On average, analysts expect that Symbotic Inc. will post -0.02 EPS for the current fiscal year.

Insider Transactions at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $42.20, for a total transaction of $84,400.00. Following the sale, the director now directly owns 10,447 shares of the company's stock, valued at approximately $440,863.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the company's stock in a transaction dated Friday, April 5th. The shares were sold at an average price of $42.20, for a total transaction of $84,400.00. Following the transaction, the director now owns 10,447 shares in the company, valued at approximately $440,863.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Richard B. Cohen sold 5,000,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $38.32, for a total transaction of $191,600,000.00. 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 three months. 38.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Symbotic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SYM. Van ECK Associates Corp purchased a new position in shares of Symbotic in the fourth quarter valued at $26,000. Rockefeller Capital Management L.P. purchased a new position in shares of Symbotic in the fourth quarter valued at $29,000. Providence Capital Advisors LLC purchased a new position in shares of Symbotic in the third quarter valued at $33,000. National Bank of Canada FI grew its holdings in shares of Symbotic by 66.7% in the third quarter. National Bank of Canada FI now owns 1,000 shares of the company's stock valued at $35,000 after purchasing an additional 400 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Symbotic by 1,412.0% in the first quarter. JPMorgan Chase & Co. now owns 1,512 shares of the company's stock valued at $35,000 after purchasing an additional 1,412 shares in 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.