Symbotic (NASDAQ:SYM) Shares Down 7.1% – What’s Next?

Symbotic Inc. (NASDAQ:SYM) traded down 7.1% during mid-day trading on Wednesday . The company traded as low as $31.69 and last traded at $31.90. 949,786 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 1,566,060 shares. The stock had previously closed at $34.32.

Wall Street Analyst Weigh In

SYM has been the topic of a number of research reports. KeyCorp dropped their price target on Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. TD Cowen reduced their price target on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Robert W. Baird reduced their target price on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a report on Wednesday, July 31st. Finally, Citigroup lowered their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Stock Down 5.0 %

The stock’s 50 day moving average is $26.29 and its 200 day moving average is $31.34.

Insider Activity

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the sale, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $4,013,175. The trade was a 0.93 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William M. Boyd III sold 8,826 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $28.33, for a total value of $250,040.58. Following the transaction, the insider now directly owns 23,012 shares in the company, valued at approximately $651,929.96. This represents a 27.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock worth $1,378,056 over the last ninety days. 38.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Symbotic

Several large investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. grew its stake in shares of Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after buying an additional 3,410,050 shares during the period. Canada Pension Plan Investment Board increased its stake in Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in shares of Symbotic by 76.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after purchasing an additional 379,726 shares during the period. Vanguard Group Inc. lifted its stake 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 in the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Symbotic by 6,694.5% in the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after purchasing an additional 330,709 shares in the last quarter.

Symbotic Company Profile

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.