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

Shares of Symbotic Inc. (NASDAQ:SYM) traded down 4.5% during trading on Monday . The company traded as low as $25.28 and last traded at $25.65. 508,088 shares traded hands during mid-day 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 research analysts recently weighed in on the stock. Northland Securities upped their price objective on shares of Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. DA Davidson lowered shares of Symbotic from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $50.00 to $35.00 in a report on Wednesday, November 27th. Craig Hallum downgraded shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price objective for the company. in a report on Wednesday, November 27th. The Goldman Sachs Group cut their target price on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday, December 4th. Finally, KeyCorp restated a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Symbotic currently has a consensus rating of “Moderate Buy” and an average target price of $42.54.

Symbotic Price Performance

The stock has a market cap of $15.00 billion, a P/E ratio of -425.50 and a beta of 1.73. The firm’s 50 day moving average price is $29.66 and its 200-day moving average price is $29.10.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The firm had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same quarter last year, the firm posted ($0.08) EPS. The business’s quarterly revenue was up 47.2% compared to the same quarter last year. On average, analysts expect that Symbotic Inc. will post 0.12 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, 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 completion of the sale, the insider now owns 23,012 shares in the company, valued at approximately $651,929.96. This represents a 27.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $23.96, for a total value of $47,920.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at $47,920. The trade was a 50.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 111,745 shares of company stock valued at $3,261,675. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of institutional investors and hedge funds have recently made changes to their positions in SYM. Raymond James & Associates lifted its stake in shares of Symbotic by 8.4% in the 2nd quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock valued at $23,491,000 after purchasing an additional 51,712 shares during the last quarter. RFP Financial Group LLC lifted its position in Symbotic by 22.4% in 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 last quarter. Lakeshore Financial Planning Inc. purchased a new position in Symbotic during the second quarter worth $237,000. Baillie Gifford & Co. boosted its stake in Symbotic by 12.4% during the second quarter. Baillie Gifford & Co. now owns 10,660,949 shares of the company’s stock worth $374,839,000 after buying an additional 1,177,578 shares during the period. Finally, Raymond James Trust N.A. lifted its holdings in shares of Symbotic by 10.8% in the 2nd quarter. Raymond James Trust N.A. now owns 37,922 shares of the company’s stock worth $1,333,000 after acquiring an additional 3,700 shares during 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.