Symbotic (NASDAQ:SYM) Trading Down 4.2% – Time to Sell?

Symbotic Inc. (NASDAQ:SYM)’s share price dropped 4.2% during trading on Monday . The stock traded as low as $28.30 and last traded at $28.68. Approximately 674,431 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 1,614,591 shares. The stock had previously closed at $29.93.

Analysts Set New Price Targets

Several analysts have recently weighed in on SYM shares. Deutsche Bank Aktiengesellschaft lifted their target price on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Citigroup decreased their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. TD Cowen reduced their price target on Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. KeyCorp lowered their target price on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a research note on Tuesday, July 30th. Finally, Needham & Company LLC cut their price objective on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Trading Up 0.6 %

The firm has a market cap of $16.85 billion, a price-to-earnings ratio of -120.13 and a beta of 1.84. The company has a fifty day moving average price of $22.65 and a 200-day moving average price of $33.07.

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

Insider Activity at Symbotic

In related news, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $38.71, for a total transaction of $341,654.46. Following the sale, the insider now owns 23,012 shares in the company, valued at approximately $890,794.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Michael David Dunn sold 1,895 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 77,326 shares of the company’s stock, valued at $2,827,038.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider William M. Boyd III sold 8,826 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $38.71, for a total value of $341,654.46. Following the transaction, the insider now owns 23,012 shares in the company, valued at $890,794.52. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,987 shares of company stock worth $986,559 in the last three months. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of large investors have recently added to or reduced their stakes in the stock. Baillie Gifford & Co. acquired a new stake in shares of Symbotic in the first quarter valued at about $426,752,000. Canada Pension Plan Investment Board boosted its holdings in Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after buying an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after buying an additional 379,726 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after acquiring an additional 345,386 shares during the last quarter. Finally, Zevenbergen Capital Investments LLC lifted its position in shares of Symbotic by 1,826.2% in the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after acquiring an additional 342,417 shares in 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.