Symbotic (NASDAQ:SYM) Stock Price Down 2% – Here’s Why

Symbotic Inc. (NASDAQ:SYM)’s share price dropped 2% during trading on Friday . The stock traded as low as $48.58 and last traded at $53.64. Approximately 2,455,905 shares changed hands during mid-day trading, an increase of 23% from the average daily volume of 1,995,193 shares. The stock had previously closed at $54.72.

Analysts Set New Price Targets

A number of research firms recently commented on SYM. Arete Research cut shares of Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Symbotic in a research note on Wednesday, October 8th. Needham & Company LLC boosted their price objective on shares of Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Baird R W lowered Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 7th. Finally, Oppenheimer lifted their price target on Symbotic from $54.00 to $59.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $44.41.

Symbotic Trading Down 2.0%

The firm has a market capitalization of $31.67 billion, a PE ratio of -766.18, a P/E/G ratio of 9.08 and a beta of 2.10. The firm’s fifty day moving average price is $63.86 and its 200 day moving average price is $48.95.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Maria G. Freve sold 1,666 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $58.18, for a total transaction of $96,927.88. Following the sale, the insider directly owned 544 shares of the company’s stock, valued at approximately $31,649.92. This trade represents a 75.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder David A. Ladensohn sold 13,500 shares of the business’s stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $74.44, for a total value of $1,004,940.00. Following the completion of the transaction, the insider directly owned 2,000 shares of the company’s stock, valued at approximately $148,880. This trade represents a 87.10% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 68,160 shares of company stock valued at $4,761,942 in the last three months. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently made changes to their positions in SYM. Vanguard Group Inc. lifted its stake in shares of Symbotic by 2.1% in the 3rd quarter. Vanguard Group Inc. now owns 4,695,021 shares of the company’s stock valued at $253,062,000 after purchasing an additional 98,384 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Symbotic by 16.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock valued at $27,155,000 after buying an additional 187,538 shares in the last quarter. UBS Group AG raised its position in shares of Symbotic by 22.3% in the third quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock worth $59,601,000 after acquiring an additional 201,547 shares during the period. Raymond James Financial Inc. boosted its stake in shares of Symbotic by 12.1% during the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company’s stock worth $19,824,000 after acquiring an additional 105,616 shares in the last quarter. Finally, TCW Group Inc. grew its position in shares of Symbotic by 1.8% during the 1st quarter. TCW Group Inc. now owns 593,442 shares of the company’s stock valued at $11,993,000 after acquiring an additional 10,487 shares during the period.

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.