Symbotic (NASDAQ:SYM) Shares Down 0.5%

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) fell 0.5% during trading on Thursday . The stock traded as low as $42.29 and last traded at $42.55. 117,955 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 1,395,505 shares. The stock had previously closed at $42.78.

Wall Street Analyst Weigh In

Several brokerages recently commented on SYM. Robert W. Baird boosted their price target on Symbotic from $52.00 to $53.00 and gave the company an "outperform" rating in a research note on Tuesday, May 7th. Northland Securities boosted their price objective on Symbotic from $55.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 10th. Craig Hallum boosted their price objective on Symbotic from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, May 8th. Needham & Company LLC reissued a "buy" rating and issued a $54.00 price objective on shares of Symbotic in a research note on Tuesday, May 7th. Finally, Cantor Fitzgerald reissued an "overweight" rating and issued a $60.00 price objective on shares of Symbotic in a research note on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $55.69.

Symbotic Stock Down 3.0 %

The business has a 50-day moving average price of $43.49 and a two-hundred day moving average price of $44.74. The company has a market cap of $24.25 billion, a P/E ratio of -172.83 and a beta of 1.97.

Insiders Place Their Bets

In other Symbotic news, major shareholder David A. Ladensohn sold 2,085,296 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $39.69, for a total value of $82,765,398.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, major shareholder David A. Ladensohn sold 2,085,296 shares of the company's stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Merline Saintil sold 3,135 shares of the company's stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $44.74, for a total value of $140,259.90. Following 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. Insiders sold 7,110,447 shares of company stock worth $275,410,529 over the last ninety days. 38.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Van ECK Associates Corp acquired a new position in Symbotic during the fourth quarter valued at approximately $26,000. RiverPark Advisors LLC bought a new stake in Symbotic in the first quarter valued at approximately $37,000. Providence Capital Advisors LLC bought a new stake in Symbotic in the third quarter valued at approximately $33,000. Pingora Partners LLC bought a new stake in Symbotic in the fourth quarter valued at approximately $51,000. Finally, Global Retirement Partners LLC raised its stake in Symbotic by 166.7% in the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company's stock valued at $48,000 after buying an additional 660 shares during the period.

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.