Symbotic (NASDAQ:SYM) Shares Down 4.5% – Here’s Why

Symbotic Inc. (NASDAQ:SYM)’s stock price fell 4.5% on Monday . The stock traded as low as $25.28 and last traded at $25.65. 508,088 shares changed hands during trading, a decline of 72% from the average session volume of 1,799,709 shares. The stock had previously closed at $26.87.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SYM. Craig Hallum cut Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price on the stock. in a report on Wednesday, November 27th. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. BWS Financial reissued a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. William Blair restated a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $42.54.

Symbotic Price Performance

The company has a market cap of $15.95 billion, a PE ratio of -447.83 and a beta of 1.73. The business’s fifty day simple moving average is $29.55 and its two-hundred day simple moving average is $29.30.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The firm had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. As a group, analysts predict that Symbotic Inc. will post 0.12 EPS for the current year.

Insider Activity

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $28.15, for a total transaction of $56,300.00. Following the sale, the director now directly owns 214,036 shares of the company’s stock, valued at $6,025,113.40. This trade represents a 0.93 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael David Dunn sold 5,266 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total value of $125,383.46. Following the sale, the insider now owns 85,224 shares of the company’s stock, valued at $2,029,183.44. This represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,745 shares of company stock worth $3,261,675. 38.30% of the stock is currently owned by insiders.

Institutional Trading of Symbotic

A number of institutional investors and hedge funds have recently bought and sold shares of the business. RFP Financial Group LLC grew its stake in Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after buying an additional 310 shares during the period. Castleview Partners LLC increased its holdings in Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after purchasing an additional 500 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Symbotic by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock valued at $304,000 after purchasing an additional 679 shares during the period. Van ECK Associates Corp lifted its stake in shares of Symbotic by 28.4% during the third quarter. Van ECK Associates Corp now owns 3,497 shares of the company’s stock worth $85,000 after purchasing an additional 774 shares in the last quarter. Finally, First Dallas Securities Inc. boosted its position in shares of Symbotic by 4.1% in the second quarter. First Dallas Securities Inc. now owns 20,100 shares of the company’s stock worth $707,000 after buying an additional 800 shares during the period.

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.