Symbotic Inc. (NASDAQ:SYM – Get Free Report) shares gapped down before the market opened on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $51.00 to $44.00. The stock had previously closed at $49.60, but opened at $41.26. The Goldman Sachs Group currently has a neutral rating on the stock. Symbotic shares last traded at $39.48, with a volume of 2,025,272 shares traded.
Other equities analysts have also issued research reports about the stock. Needham & Company LLC cut their target price on shares of Symbotic from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday. KeyCorp lowered their target price on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research note on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $51.31.
Insiders Place Their Bets
In other Symbotic news, insider Michael David Dunn sold 7,051 shares of Symbotic stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $45.00, for a total transaction of $317,295.00. Following the transaction, the insider now directly owns 65,646 shares of the company’s stock, valued at $2,954,070. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Michael David Dunn sold 7,051 shares of Symbotic stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $45.00, for a total value of $317,295.00. Following the transaction, the insider now directly owns 65,646 shares of the company’s stock, valued at $2,954,070. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Todd Krasnow sold 51,106 shares of Symbotic stock in a transaction on Friday, November 24th. The stock was sold at an average price of $52.72, for a total transaction of $2,694,308.32. Following the completion of the transaction, the director now directly owns 406,036 shares in the company, valued at $21,406,217.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 491,306 shares of company stock valued at $24,187,258. 38.30% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in SYM. Van ECK Associates Corp bought a new stake in Symbotic in the fourth quarter valued at $26,000. Rockefeller Capital Management L.P. bought a new stake in Symbotic in the fourth quarter valued at $29,000. Providence Capital Advisors LLC bought a new stake in Symbotic in the third quarter valued at $33,000. National Bank of Canada FI boosted its holdings in Symbotic by 66.7% in the third quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock valued at $35,000 after acquiring an additional 400 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Symbotic by 1,412.0% in the first quarter. JPMorgan Chase & Co. now owns 1,512 shares of the company’s stock valued at $35,000 after acquiring an additional 1,412 shares in the last quarter.
Symbotic Stock Down 21.1 %
The firm has a market cap of $21.81 billion, a P/E ratio of -105.78 and a beta of 2.02. The firm’s fifty day moving average is $48.64 and its two-hundred day moving average is $42.71.
Symbotic (NASDAQ:SYM – Get Free Report) last announced its earnings results on Monday, November 20th. The company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.02). Symbotic had a negative net margin of 2.03% and a negative return on equity of 105.30%. The business had revenue of $391.89 million for the quarter, compared to the consensus estimate of $306.89 million. During the same quarter last year, the firm posted ($0.10) EPS. The business’s quarterly revenue was up 60.3% on a year-over-year basis. As a group, sell-side analysts forecast that Symbotic Inc. will post -0.02 EPS for the current year.
About Symbotic
Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. The company offers Symbotic system, an end-to-end warehouse automation system for product distribution. It also designs, assemblies, and installs modular inventory management systems and performs configuration of embedded software.