Symbotic Inc. (NASDAQ:SYM – Get Free Report)’s stock price traded down 5.9% on Friday . The stock traded as low as $31.81 and last traded at $31.54. 1,197,163 shares traded hands during mid-day trading, a decline of 54% from the average session volume of 2,624,692 shares. The stock had previously closed at $33.50.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $35.00 target price on shares of Symbotic in a research note on Friday, January 17th. Northland Securities raised their price target on Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, January 17th. BWS Financial reaffirmed a “sell” rating and set a $10.00 price target on shares of Symbotic in a report on Tuesday, January 21st. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. Finally, UBS Group cut their price target on Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $38.73.
View Our Latest Research Report on SYM
Symbotic Trading Down 6.3 %
Symbotic (NASDAQ:SYM – Get Free Report) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The company had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter last year, the business earned ($0.08) earnings per share. Symbotic’s revenue was up 47.2% on a year-over-year basis. Research analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.
Insider Buying and Selling at Symbotic
In other news, insider Michael David Dunn sold 13,114 shares of the business’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $32.19, for a total transaction of $422,139.66. Following the sale, the insider now directly owns 18,746 shares in the company, valued at approximately $603,433.74. The trade was a 41.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total value of $48,080.00. Following the sale, the director now owns 214,036 shares in the company, valued at approximately $5,145,425.44. This trade represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 117,993 shares of company stock worth $3,490,555 over the last 90 days. Insiders own 38.30% of the company’s stock.
Hedge Funds Weigh In On Symbotic
A number of hedge funds and other institutional investors have recently made changes to their positions in SYM. Baillie Gifford & Co. lifted its stake in shares of Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares during the period. Exchange Traded Concepts LLC lifted its stake in Symbotic by 76.8% in the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after buying an additional 379,726 shares during the period. Millennium Management LLC lifted its stake in Symbotic by 6,694.5% in the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after buying an additional 330,709 shares during the period. Thematics Asset Management lifted its stake in Symbotic by 30.1% in the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after buying an additional 242,661 shares during the period. Finally, Marshall Wace LLP acquired a new position in Symbotic in the second quarter valued at approximately $4,207,000.
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.
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