Symbotic (NASDAQ:SYM) Trading Down 6.1% After Analyst Downgrade

Symbotic Inc. (NASDAQ:SYM)’s share price traded down 6.1% during mid-day trading on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $46.00 to $40.00. The Goldman Sachs Group currently has a neutral rating on the stock. Symbotic traded as low as $35.00 and last traded at $35.72. 1,154,170 shares were traded during trading, a decline of 16% from the average session volume of 1,367,065 shares. The stock had previously closed at $38.04.

Several other equities analysts have also weighed in on the stock. Craig Hallum upped their price objective on shares of Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Robert W. Baird lifted their target price on Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, May 7th. Needham & Company LLC reissued a “buy” rating and set a $54.00 target price on shares of Symbotic in a research report on Tuesday, May 7th. Northland Securities upped 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. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Symbotic has an average rating of “Moderate Buy” and a consensus target price of $56.67.

Insider Buying and Selling at Symbotic

In other news, insider Michael David Dunn sold 1,747 shares of the firm’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $40.08, for a total transaction of $70,019.76. Following the sale, the insider now owns 74,032 shares in the company, valued at approximately $2,967,202.56. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Symbotic news, insider William M. Boyd III sold 8,825 shares of the business’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $40.34, for a total value of $356,000.50. Following the completion of the sale, the insider now directly owns 23,012 shares of the company’s stock, valued at $928,304.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael David Dunn sold 1,747 shares of the firm’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total value of $70,019.76. Following the transaction, the insider now owns 74,032 shares in the company, valued at $2,967,202.56. The disclosure for this sale can be found here. Insiders sold a total of 149,958 shares of company stock worth $5,965,792 over the last three months. 38.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SYM. Willis Johnson & Associates Inc. purchased a new position in Symbotic during the 4th quarter valued at about $257,000. SG Americas Securities LLC bought a new position in Symbotic in the 4th quarter worth $136,000. Wolff Wiese Magana LLC purchased a new stake in shares of Symbotic in the 4th quarter worth about $238,000. Raymond James & Associates increased its position in shares of Symbotic by 15.4% during the fourth quarter. Raymond James & Associates now owns 579,876 shares of the company’s stock valued at $29,765,000 after buying an additional 77,388 shares during the period. Finally, Centerpoint Advisors LLC bought a new position in Symbotic in the fourth quarter worth about $62,000.

Symbotic Stock Up 3.8 %

The company’s fifty day simple moving average is $38.99 and its 200 day simple moving average is $42.22. The firm has a market capitalization of $22.14 billion, a PE ratio of -157.79 and a beta of 1.87.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, May 6th. The company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.25. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. The business had revenue of $424.30 million for the quarter, compared to analysts’ expectations of $415.98 million. Equities research analysts forecast that Symbotic Inc. will post -0.07 EPS for the current year.

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.