Symbotic (NASDAQ:SYM) Trading 0.4% Higher

Symbotic Inc. (NASDAQ:SYM) traded up 0.4% on Friday . The stock traded as high as $40.26 and last traded at $40.25. 249,829 shares traded hands during trading, a decline of 83% from the average session volume of 1,439,942 shares. The stock had previously closed at $40.09.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Needham & Company LLC lowered their target price 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 target price on Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. William Blair reissued a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. Robert W. Baird decreased their price target on Symbotic from $54.00 to $52.00 and set an “outperform” rating on the stock in a report on Tuesday, February 6th. Finally, KeyCorp decreased their price target on Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Symbotic Price Performance

The firm has a market cap of $22.96 billion, a PE ratio of -148.74 and a beta of 1.91. The company has a 50-day simple moving average of $43.77 and a 200-day simple moving average of $43.97.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating 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, equities research analysts predict that Symbotic Inc. will post -0.02 earnings per share for the current year.

Insider Activity at Symbotic

In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of the business’s stock in a transaction that occurred on 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, major shareholder David A. Ladensohn sold 2,085,296 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were 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 is accessible through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $51.50, for a total transaction of $103,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,188,628 shares of company stock worth $279,026,777. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of large investors have recently made changes to their positions in SYM. JPMorgan Chase & Co. acquired a new position in shares of Symbotic during the second quarter worth $534,000. UBS Group AG acquired a new position in shares of Symbotic during the third quarter worth $224,000. BlackRock Inc. increased its position in shares of Symbotic by 325.5% in the 3rd quarter. BlackRock Inc. now owns 170,213 shares of the company’s stock valued at $1,958,000 after acquiring an additional 130,213 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Symbotic in the 3rd quarter valued at $181,000. Finally, Vanguard Group Inc. acquired a new position in shares of Symbotic in the 3rd quarter valued at $1,523,000.

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.