Symbotic (NASDAQ:SYM) Trading Down 0.8% – Here’s What Happened

Shares of Symbotic Inc. (NASDAQ:SYM) traded down 0.8% on Tuesday . The company traded as low as $27.75 and last traded at $28.44. 356,281 shares were traded during trading, a decline of 78% from the average session volume of 1,614,708 shares. The stock had previously closed at $28.66.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. KeyCorp dropped their price objective on Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 30th. Needham & Company LLC dropped their price objective on Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Citigroup dropped their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Robert W. Baird dropped their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Finally, BWS Financial reiterated a “sell” rating and issued a $10.00 price target on shares of Symbotic in a research note on Friday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Stock Down 0.0 %

The firm has a 50-day moving average of $22.54 and a two-hundred day moving average of $33.19. The company has a market capitalization of $16.75 billion, a PE ratio of -118.13 and a beta of 1.84.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). The company had revenue of $491.86 million for the quarter, compared to analysts’ expectations of $464.56 million. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The firm’s revenue was up 57.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.07) earnings per share. Equities analysts predict that Symbotic Inc. will post -0.08 EPS for the current fiscal year.

Insider Activity at Symbotic

In other Symbotic news, insider Michael David Dunn sold 1,895 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $36.56, for a total value of $69,281.20. Following the sale, the insider now directly owns 77,326 shares of the company’s stock, valued at approximately $2,827,038.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Michael David Dunn sold 1,895 shares of Symbotic stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $36.56, for a total transaction of $69,281.20. Following the transaction, the insider now owns 77,326 shares in the company, valued at approximately $2,827,038.56. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Todd Krasnow sold 17,000 shares of Symbotic stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $21.46, for a total value of $364,820.00. Following the transaction, the director now owns 214,036 shares in the company, valued at approximately $4,593,212.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,987 shares of company stock worth $986,559. 38.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Several large investors have recently modified their holdings of SYM. Baillie Gifford & Co. acquired a new position in shares of Symbotic in the 1st quarter valued at $426,752,000. Canada Pension Plan Investment Board lifted its stake in Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares in the last quarter. Exchange Traded Concepts LLC lifted its stake in Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after acquiring an additional 379,726 shares in the last quarter. Vanguard Group Inc. lifted its stake in Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after acquiring an additional 345,386 shares in the last quarter. Finally, Zevenbergen Capital Investments LLC lifted its stake in Symbotic by 1,826.2% during the 1st quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock worth $16,253,000 after acquiring an additional 342,417 shares in the last quarter.

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.