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

Symbotic Inc. (NASDAQ:SYM) shares gapped down prior to trading on Thursday . The stock had previously closed at $73.22, but opened at $62.21. Symbotic shares last traded at $63.2190, with a volume of 2,132,250 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have commented on SYM. Robert W. Baird lifted their price objective on shares of Symbotic from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 26th. UBS Group restated a “sell” rating and issued a $35.00 target price (up previously from $27.00) on shares of Symbotic in a report on Tuesday, September 23rd. Northcoast Research downgraded shares of Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Symbotic from $55.00 to $63.00 and gave the stock a “hold” rating in a research report on Tuesday, November 25th. Finally, Cowen reissued a “buy” rating on shares of Symbotic in a research note on Wednesday. Six equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $56.07.

Symbotic Price Performance

The stock has a market capitalization of $36.52 billion, a P/E ratio of -413.49, a PEG ratio of 18.99 and a beta of 2.10. The stock’s fifty day moving average price is $67.75 and its 200 day moving average price is $52.22.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, November 24th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). The company had revenue of $618.46 million for the quarter, compared to the consensus estimate of $604.00 million. Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. The company’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.47 EPS. On average, sell-side analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Transactions at Symbotic

In related news, Director Todd Krasnow sold 4,000 shares of the stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $76.75, for a total value of $307,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO James Kuffner sold 8,348 shares of the firm’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $81.30, for a total value of $678,692.40. Following the transaction, the chief technology officer owned 30,640 shares in the company, valued at $2,491,032. The trade was a 21.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 81,508 shares of company stock valued at $6,020,555 in the last ninety days. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in SYM. Allspring Global Investments Holdings LLC bought a new position in Symbotic during the 3rd quarter worth about $34,296,000. Amanah Holdings Trust bought a new stake in shares of Symbotic in the 2nd quarter valued at about $19,824,000. Franklin Resources Inc. lifted its position in shares of Symbotic by 3,188.8% in the 3rd quarter. Franklin Resources Inc. now owns 274,155 shares of the company’s stock worth $14,777,000 after purchasing an additional 265,819 shares during the period. Canada Pension Plan Investment Board bought a new position in shares of Symbotic during the first quarter valued at approximately $4,968,000. Finally, Handelsbanken Fonder AB boosted its stake in shares of Symbotic by 626.4% during the third quarter. Handelsbanken Fonder AB now owns 274,178 shares of the company’s stock valued at $14,778,000 after purchasing an additional 236,435 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.