Symbotic (NASDAQ:SYM) Stock Price Down 0.6%

Shares of Symbotic Inc. (NASDAQ:SYM) fell 0.6% on Thursday . The company traded as low as $41.02 and last traded at $41.70. 192,141 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 1,443,759 shares. The stock had previously closed at $41.96.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SYM. Robert W. Baird cut their target price on shares of Symbotic from $54.00 to $52.00 and set an “outperform” rating for the company in a report on Tuesday, February 6th. KeyCorp dropped their price objective on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, February 6th. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, February 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research note on Tuesday, February 6th. Finally, William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research note 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 has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Symbotic Price Performance

The firm has a market capitalization of $23.28 billion, a P/E ratio of -154.78 and a beta of 1.91. The firm has a 50-day moving average price of $43.83 and a two-hundred day moving average price of $44.00.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business 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 predict that Symbotic Inc. will post -0.02 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In related news, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction dated 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 Securities & Exchange Commission, which is available through this hyperlink. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $51.50, for a total value of $103,000.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The disclosure for this sale can be found here. Insiders sold 7,188,628 shares of company stock worth $279,026,777 over the last three months. 38.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its stake in Symbotic by 23.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,232 shares of the company’s stock valued at $53,000 after purchasing an additional 232 shares during the last quarter. Taylor Frigon Capital Management LLC grew its stake in Symbotic by 0.5% in the third quarter. Taylor Frigon Capital Management LLC now owns 63,576 shares of the company’s stock valued at $2,125,000 after purchasing an additional 336 shares during the last quarter. California State Teachers Retirement System grew its stake in Symbotic by 3.0% in the third quarter. California State Teachers Retirement System now owns 13,641 shares of the company’s stock valued at $456,000 after purchasing an additional 399 shares during the last quarter. National Bank of Canada FI grew its stake in shares of Symbotic by 66.7% during the third quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock worth $35,000 after acquiring an additional 400 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Symbotic by 8.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock worth $250,000 after acquiring an additional 400 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.