Symbotic (NASDAQ:SYM) Trading Down 3.7% – What’s Next?

Symbotic Inc. (NASDAQ:SYM)’s stock price traded down 3.7% during mid-day trading on Friday . The company traded as low as $30.51 and last traded at $30.65. 1,466,235 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 2,561,533 shares. The stock had previously closed at $31.82.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $35.00 price target on shares of Symbotic in a report on Friday. Oppenheimer assumed coverage on shares of Symbotic in a report on Wednesday. They issued an “outperform” rating and a $35.00 price target for the company. TD Cowen raised their price target on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, November 26th. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a report on Tuesday, November 19th. Finally, BWS Financial reaffirmed a “sell” rating and set a $10.00 target price on shares of Symbotic in a report on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Symbotic currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.73.

Symbotic Trading Down 6.5 %

The company has a market cap of $17.48 billion, a price-to-earnings ratio of -496.00 and a beta of 1.76. The firm’s fifty day moving average price is $27.96 and its 200-day moving average price is $27.49.

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

Insider Activity at Symbotic

In other Symbotic news, insider Michael David Dunn sold 63,867 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $30.08, for a total transaction of $1,921,119.36. Following the sale, the insider now directly owns 24,055 shares of the company’s stock, valued at $723,574.40. The trade was a 72.64 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total transaction of $48,080.00. Following the sale, the director now directly owns 214,036 shares in the company, valued at $5,145,425.44. This trade represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 111,844 shares of company stock valued at $3,268,431. 38.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Castleview Partners LLC lifted its position in 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 in the last quarter. Quarry LP bought a new stake in shares of Symbotic in the 2nd quarter valued at about $65,000. Arcadia Investment Management Corp MI bought a new stake in shares of Symbotic in the 3rd quarter valued at about $49,000. RiverPark Advisors LLC raised its holdings in shares of Symbotic by 147.1% in the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after purchasing an additional 1,211 shares during the period. Finally, Quest Partners LLC raised its holdings in shares of Symbotic by 19,307.7% in the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock valued at $62,000 after purchasing an additional 2,510 shares during the period.

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.