Symbotic Inc. (NASDAQ:SYM – Get 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.
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
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.
- Get a free copy of the StockNews.com research report on Symbotic (SYM)
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