Symbotic (NASDAQ:SYM) Trading Down 5.1%

Symbotic Inc. (NASDAQ:SYMGet Rating)’s stock price was down 5.1% during mid-day trading on Wednesday . The company traded as low as $12.22 and last traded at $12.22. Approximately 7,668 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 303,701 shares. The stock had previously closed at $12.88.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SYM shares. Citigroup raised their target price on shares of Symbotic to $21.00 in a research note on Tuesday, August 9th. Cantor Fitzgerald initiated coverage on shares of Symbotic in a research report on Wednesday, July 20th. They issued an “overweight” rating and a $24.00 price target on the stock. Raymond James raised their price target on shares of Symbotic from $18.00 to $23.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 2nd. UBS Group initiated coverage on shares of Symbotic in a research report on Monday. They issued a “buy” rating and a $17.00 price target on the stock. Finally, Cowen initiated coverage on shares of Symbotic in a research report on Tuesday, June 21st. They set an “outperform” rating and a $18.00 target price on the stock. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.27.

Symbotic Stock Performance

The business’s fifty day moving average price is $14.93.

Symbotic (NASDAQ:SYMGet Rating) last announced its earnings results on Monday, August 1st. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. The company had revenue of $175.55 million during the quarter, compared to the consensus estimate of $119.88 million. As a group, equities analysts anticipate that Symbotic Inc. will post -0.22 EPS for the current year.

Insiders Place Their Bets

In other news, insider Michael David Dunn sold 34,436 shares of Symbotic stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $13.19, for a total transaction of $454,210.84. Following the completion of the sale, the insider now owns 199,964 shares in the company, valued at approximately $2,637,525.16. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Over the last three months, insiders sold 98,334 shares of company stock valued at $1,352,282.

Institutional Investors Weigh In On Symbotic

Several institutional investors have recently modified their holdings of SYM. SB Global Advisers Ltd acquired a new position in Symbotic during the second quarter valued at approximately $219,400,000. JPMorgan Chase & Co. acquired a new position in Symbotic during the second quarter valued at approximately $534,000. Finally, Navis Wealth Advisors LLC acquired a new position in Symbotic during the second quarter valued at approximately $8,067,000.

Symbotic Company Profile

(Get Rating)

Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. It offers The Symbotic System, a full-service warehouse automation system that reduces costs, improves efficiency, and maximizes inventory. The company is based in Wilmington, Massachusetts.

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