Symbotic (NASDAQ:SYM) Trading Down 2.1%

Symbotic Inc. (NASDAQ:SYM) dropped 2.1% on Tuesday . The company traded as low as $39.02 and last traded at $39.42. Approximately 133,266 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 1,391,311 shares. The stock had previously closed at $40.26.

Wall Street Analysts Forecast Growth

SYM has been the topic of a number of recent research reports. Needham & Company LLC cut their price objective on 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 lifted their price objective on Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. KeyCorp cut their target price on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 6th. Robert W. Baird decreased their price target on shares of Symbotic from $54.00 to $52.00 and set an “outperform” rating for the company in a research note on Tuesday, February 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research report on Tuesday, February 6th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Symbotic Stock Performance

The company has a market cap of $22.26 billion, a price-to-earnings ratio of -146.00 and a beta of 1.91. The company has a 50-day simple moving average of $43.08 and a 200-day simple moving average of $44.28.

Symbotic (NASDAQ:SYM) last released 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 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%. As a group, equities research analysts forecast that Symbotic Inc. will post -0.03 EPS for the current year.

Insider Activity

In other Symbotic news, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Symbotic 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 a total of 7,101,622 shares of company stock valued at $275,077,529 over the last 90 days. Insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SYM. Taylor Frigon Capital Management LLC raised its holdings 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 acquiring an additional 336 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Symbotic by 8.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock valued at $250,000 after purchasing an additional 400 shares in the last quarter. Natixis Advisors L.P. lifted its position in shares of Symbotic by 4.3% during the fourth quarter. Natixis Advisors L.P. now owns 10,983 shares of the company’s stock worth $563,000 after purchasing an additional 456 shares during the last quarter. Van ECK Associates Corp acquired a new position in Symbotic in the fourth quarter worth about $26,000. Finally, Bourne Lent Asset Management Inc. increased its holdings in Symbotic by 1.0% in the fourth quarter. Bourne Lent Asset Management Inc. now owns 58,260 shares of the company’s stock valued at $2,990,000 after buying an additional 600 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.