Symbotic (NASDAQ:SYM) Shares Down 2.5% – Time to Sell?

Shares of Symbotic Inc. (NASDAQ:SYM) dropped 2.5% during trading on Tuesday . The stock traded as low as $24.81 and last traded at $24.90. Approximately 460,906 shares were traded during trading, a decline of 75% from the average daily volume of 1,814,943 shares. The stock had previously closed at $25.53.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SYM shares. Needham & Company LLC lowered their price objective on Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Northland Securities upped their target price on Symbotic from $50.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, November 19th. William Blair reissued a “market perform” rating on shares of Symbotic in a research note on Thursday, December 5th. BWS Financial reaffirmed a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research report on Tuesday, November 19th. Finally, Craig Hallum downgraded Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a research report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $42.54.

Symbotic Trading Down 3.8 %

The company has a market cap of $14.42 billion, a PE ratio of -409.17 and a beta of 1.73. The firm’s 50-day simple moving average is $29.40 and its two-hundred day simple moving average is $28.67.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $470.24 million. During the same period last year, the business posted ($0.08) earnings per share. The company’s revenue for the quarter was up 47.2% compared to the same quarter last year. As a group, analysts predict that Symbotic Inc. will post 0.12 EPS for the current year.

Insider Buying and Selling

In other Symbotic news, insider Michael David Dunn sold 63,867 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $30.08, for a total transaction of $1,921,119.36. Following the transaction, the insider now owns 24,055 shares in the company, valued at approximately $723,574.40. This represents a 72.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $23.96, for a total value of $47,920.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $47,920. The trade was a 50.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 111,745 shares of company stock valued at $3,261,675 over the last ninety days. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Hedge funds and other institutional investors have recently modified their holdings of the business. Castleview Partners LLC increased its holdings in shares of Symbotic by 50.0% during the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after buying an additional 500 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Symbotic by 8.5% in the 2nd 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 last quarter. Van ECK Associates Corp grew its holdings in shares of Symbotic by 28.4% during the 3rd quarter. Van ECK Associates Corp now owns 3,497 shares of the company’s stock worth $85,000 after purchasing an additional 774 shares during the period. First Dallas Securities Inc. lifted its position in Symbotic by 4.1% in the second quarter. First Dallas Securities Inc. now owns 20,100 shares of the company’s stock valued at $707,000 after buying an additional 800 shares during the last quarter. Finally, National Bank of Canada FI boosted its position in shares of Symbotic by 36.8% during the 3rd quarter. National Bank of Canada FI now owns 3,557 shares of the company’s stock worth $87,000 after purchasing an additional 957 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.