Symbotic Inc. (NASDAQ:SYM – Get Free Report) shares traded down 8.5% on Tuesday after The Goldman Sachs Group lowered their price target on the stock from $41.00 to $36.00. The Goldman Sachs Group currently has a neutral rating on the stock. Symbotic traded as low as $31.34 and last traded at $31.58. 175,425 shares changed hands during trading, a decline of 78% from the average session volume of 789,838 shares. The stock had previously closed at $34.52.
Other equities research analysts also recently issued research reports about the stock. William Blair downgraded shares of Symbotic from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 1st. KeyCorp began coverage on shares of Symbotic in a research note on Monday. They issued an “overweight” rating and a $50.00 target price on the stock. Needham & Company LLC boosted their target price on shares of Symbotic from $43.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, July 31st. Raymond James boosted their target price on shares of Symbotic from $35.00 to $65.00 and gave the company an “outperform” rating in a research note on Tuesday, August 1st. Finally, UBS Group cut Symbotic from a “buy” rating to a “neutral” rating and lifted their price target for the company from $34.00 to $40.00 in a report on Thursday, June 29th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $48.69.
Insider Activity
In other news, Director Charles Kane sold 31,344 shares of the company’s stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $50.15, for a total value of $1,571,901.60. Following the completion of the sale, the director now directly owns 65,000 shares of the company’s stock, valued at approximately $3,259,750. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Charles Kane sold 31,344 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $50.15, for a total value of $1,571,901.60. Following the completion of the transaction, the director now directly owns 65,000 shares in the company, valued at approximately $3,259,750. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William M. Boyd III sold 78,782 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $39.65, for a total value of $3,123,706.30. Following the completion of the transaction, the insider now owns 40,818 shares of the company’s stock, valued at $1,618,433.70. The disclosure for this sale can be found here. Insiders sold a total of 18,148,357 shares of company stock valued at $514,086,938 in the last ninety days. 41.00% of the stock is owned by insiders.
Hedge Funds Weigh In On Symbotic
Institutional investors and hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. acquired a new position in Symbotic during the 2nd quarter worth approximately $534,000. UBS Group AG bought a new stake in shares of Symbotic during the 3rd quarter worth approximately $224,000. BlackRock Inc. raised its stake in shares of Symbotic by 325.5% during the 3rd quarter. BlackRock Inc. now owns 170,213 shares of the company’s stock worth $1,958,000 after purchasing an additional 130,213 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Symbotic during the 3rd quarter worth approximately $181,000. Finally, Vanguard Group Inc. bought a new stake in shares of Symbotic during the 3rd quarter worth approximately $1,523,000.
Symbotic Trading Down 6.8 %
The business has a 50 day moving average price of $39.90 and a 200-day moving average price of $35.91. The company has a market cap of $17.88 billion, a P/E ratio of -81.36 and a beta of 1.79.
Symbotic (NASDAQ:SYM – Get Free Report) last posted its quarterly earnings results on Monday, July 31st. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The business had revenue of $311.84 million for the quarter, compared to analysts’ expectations of $262.68 million. Symbotic had a negative return on equity of 57.19% and a negative net margin of 2.25%. During the same quarter in the prior year, the business earned ($0.01) EPS. On average, sell-side analysts expect that Symbotic Inc. will post -0.36 earnings per share 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.