Symbotic (NASDAQ:SYM) Stock Price Down 4.6%

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

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. William Blair reissued a "market perform" rating on shares of Symbotic in a research note on Tuesday, February 6th. Deutsche Bank Aktiengesellschaft lifted their target price on Symbotic from $57.00 to $58.00 and gave the company a "buy" rating in a research note on Tuesday. DA Davidson raised Symbotic from a "neutral" rating to a "buy" rating and set a $50.00 target price for the company in a research note on Wednesday, February 7th. Cantor Fitzgerald reissued an "overweight" rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday, February 6th. Finally, KeyCorp decreased their price objective on Symbotic from $63.00 to $55.00 and set an "overweight" rating for the company in a research note on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $55.69.

Symbotic Trading Down 7.5 %

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

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data on Monday, February 5th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $368.45 million during the quarter, compared to analyst estimates of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. As a group, research analysts forecast that Symbotic Inc. will post -0.03 EPS for the current year.

Insider Transactions at Symbotic

In related news, insider Richard B. Cohen sold 5,000,000 shares of the company's stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $38.32, for a total value of $191,600,000.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Symbotic news, major shareholder David A. Ladensohn sold 2,085,296 shares of the business's stock in a transaction on Monday, February 26th. The shares were sold at an average price of $39.69, for a total transaction of $82,765,398.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Richard B. Cohen sold 5,000,000 shares of the business's stock in a transaction on Monday, February 26th. The shares were 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 7,110,447 shares of company stock worth $275,410,529 in the last 90 days. Insiders own 38.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SYM. Van ECK Associates Corp purchased a new stake in shares of Symbotic during the fourth quarter worth about $26,000. RiverPark Advisors LLC bought a new position in shares of Symbotic during the first quarter valued at approximately $37,000. Providence Capital Advisors LLC bought a new stake in shares of Symbotic during the third quarter valued at approximately $33,000. Pingora Partners LLC bought a new stake in shares of Symbotic during the fourth quarter valued at approximately $51,000. Finally, Global Retirement Partners LLC boosted its holdings in Symbotic by 166.7% in the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company's stock worth $48,000 after purchasing an additional 660 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.