Symbotic (NASDAQ:SYM) Shares Gap Down to $20.49

Symbotic Inc. (NASDAQ:SYM)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $20.49, but opened at $19.56. Symbotic shares last traded at $20.55, with a volume of 186,218 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SYM shares. TD Cowen lowered their price target on Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lifted their target price on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Northland Securities decreased their price target on Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, July 30th. Robert W. Baird lowered their price objective on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. Finally, Needham & Company LLC cut their price objective on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.23.

Symbotic Price Performance

The stock’s fifty day simple moving average is $27.22 and its 200-day simple moving average is $36.33.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). The firm had revenue of $491.86 million during the quarter, compared to analysts’ expectations of $464.56 million. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The business’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.07) earnings per share. As a group, equities research analysts anticipate that Symbotic Inc. will post -0.08 EPS for the current year.

Insider Transactions at Symbotic

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the sale, the director now owns 214,036 shares of the company’s stock, valued at $4,013,175. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Michael David Dunn sold 1,895 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $36.56, for a total transaction of $69,281.20. Following the sale, the insider now owns 77,326 shares of the company’s stock, valued at $2,827,038.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the completion of the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $4,013,175. The disclosure for this sale can be found here. Insiders sold 38,909 shares of company stock valued at $1,148,358 in the last 90 days. 38.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Baillie Gifford & Co. lifted its holdings in shares of Symbotic by 12.4% during the 2nd quarter. Baillie Gifford & Co. now owns 10,660,949 shares of the company’s stock worth $374,839,000 after acquiring an additional 1,177,578 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares during the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of Symbotic by 189.5% in the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after purchasing an additional 690,900 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares during the period. Finally, Raymond James & Associates increased its holdings in shares of Symbotic by 8.4% during the 2nd quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock worth $23,491,000 after buying an additional 51,712 shares during the last quarter.

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.