Symbotic (NASDAQ:SYM) Stock Price Up 1.7%

Symbotic Inc. (NASDAQ:SYM)’s stock price traded up 1.7% during mid-day trading on Friday . The company traded as high as $40.61 and last traded at $40.21. 222,294 shares were traded during mid-day trading, a decline of 84% from the average session volume of 1,405,605 shares. The stock had previously closed at $39.55.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SYM shares. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Wednesday, February 7th. 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 report on Tuesday, February 6th. Robert W. Baird dropped their target price on Symbotic from $54.00 to $52.00 and set an “outperform” rating on the stock in a report on Tuesday, February 6th. Northland Securities raised their target price on Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. Finally, KeyCorp dropped their target price on Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Symbotic Trading Up 1.6 %

The company has a market cap of $23.19 billion, a price-to-earnings ratio of -148.85 and a beta of 1.91. The firm has a 50-day moving average price of $43.19 and a 200 day moving average price of $44.21.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, February 5th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.05) by $0.03. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. The company had revenue of $368.45 million during the quarter, compared to analyst estimates of $370.28 million. Research analysts anticipate that Symbotic Inc. will post -0.03 earnings per share for the current fiscal 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 transaction of $82,765,398.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Symbotic news, insider Michael David Dunn sold 1,747 shares of the business’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total transaction of $70,019.76. Following the completion of the transaction, the insider now owns 74,032 shares in the company, valued at approximately $2,967,202.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the business’s stock in a transaction 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 disclosure for this sale can be found here. Insiders sold 7,108,673 shares of company stock worth $275,394,824 in the last 90 days. 38.30% of the stock is currently owned by company insiders.

Institutional Trading of Symbotic

Hedge funds and other institutional investors have recently modified their holdings of the company. National Bank of Canada FI raised its position 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 purchasing an additional 400 shares during the period. Vontobel Holding Ltd. acquired a new stake in shares of Symbotic during the third quarter worth $204,000. Commonwealth Equity Services LLC raised its position in shares of Symbotic by 70.8% during the third quarter. Commonwealth Equity Services LLC now owns 16,266 shares of the company’s stock worth $544,000 after purchasing an additional 6,743 shares during the period. Pinnacle Associates Ltd. acquired a new stake in shares of Symbotic during the third quarter worth $342,000. Finally, Dakota Wealth Management raised its position in shares of Symbotic by 43.4% during the third quarter. Dakota Wealth Management now owns 37,549 shares of the company’s stock worth $1,255,000 after purchasing an additional 11,367 shares during the period.

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.