Symbotic (NASDAQ:SYM) Stock Price Down 4.6% – What’s Next?

Shares of Symbotic Inc. (NASDAQ:SYM) were down 4.6% during mid-day trading on Wednesday . The stock traded as low as $61.34 and last traded at $63.11. Approximately 1,841,101 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 1,989,268 shares. The stock had previously closed at $66.18.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Robert W. Baird cut Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a research note on Thursday, August 7th. Oppenheimer upped their price target on shares of Symbotic from $54.00 to $59.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Northcoast Research set a $65.00 price target on shares of Symbotic and gave the company a “buy” rating in a research report on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft lowered Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price objective for the company. in a report on Friday, July 18th. Finally, Wall Street Zen raised Symbotic from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Seven analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $44.61.

Symbotic Trading Down 4.6%

The business’s 50 day simple moving average is $62.89 and its two-hundred day simple moving average is $47.72. The firm has a market capitalization of $37.27 billion, a P/E ratio of -901.44, a price-to-earnings-growth ratio of 11.91 and a beta of 2.10.

Insider Buying and Selling at Symbotic

In other news, major shareholder David A. Ladensohn sold 23,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 9th. The shares were sold at an average price of $66.75, for a total transaction of $1,535,250.00. Following the transaction, the insider directly owned 5,000 shares of the company’s stock, valued at approximately $333,750. This trade represents a 82.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William M. Boyd III sold 11,735 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $82.09, for a total value of $963,326.15. Following the sale, the insider directly owned 26,769 shares in the company, valued at approximately $2,197,467.21. The trade was a 30.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 313,494 shares of company stock worth $16,178,374. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Private Trust Co. NA increased its stake in Symbotic by 10.0% in the second quarter. Private Trust Co. NA now owns 2,200 shares of the company’s stock valued at $85,000 after purchasing an additional 200 shares during the last quarter. Centerpoint Advisors LLC lifted its position in shares of Symbotic by 16.7% during the 3rd quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock worth $75,000 after buying an additional 200 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Symbotic by 4.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 6,627 shares of the company’s stock valued at $357,000 after buying an additional 273 shares in the last quarter. AlphaQuest LLC grew its position in shares of Symbotic by 12.9% in the 3rd quarter. AlphaQuest LLC now owns 2,519 shares of the company’s stock valued at $136,000 after buying an additional 287 shares during the last quarter. Finally, Bouvel Investment Partners LLC grew its position in shares of Symbotic by 0.8% in the 3rd quarter. Bouvel Investment Partners LLC now owns 44,479 shares of the company’s stock valued at $2,397,000 after buying an additional 336 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.