Symbotic (NASDAQ:SYM) Stock Price Down 8.6% – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM) shares were down 8.6% on Friday . The stock traded as low as $48.51 and last traded at $48.61. Approximately 1,863,459 shares changed hands during mid-day trading, a decline of 3% from the average daily volume of 1,928,575 shares. The stock had previously closed at $53.20.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Needham & Company LLC upped their price target on shares of Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Symbotic from $55.00 to $63.00 and gave the stock a “hold” rating in a report on Tuesday, November 25th. Northland Securities set a $73.00 target price on shares of Symbotic in a research report on Thursday, February 5th. Northcoast Research downgraded shares of Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. Finally, TD Cowen reiterated a “buy” rating on shares of Symbotic in a research report on Wednesday, December 3rd. Six analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Symbotic has a consensus rating of “Hold” and a consensus target price of $60.57.

Symbotic Price Performance

The company has a market capitalization of $29.27 billion, a P/E ratio of -486.05, a P/E/G ratio of 4.87 and a beta of 2.13. The business has a 50-day moving average of $59.74 and a 200-day moving average of $60.60.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.06). Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The firm had revenue of $629.99 million for the quarter, compared to analysts’ expectations of $622.58 million. During the same period in the previous year, the firm earned ($0.03) earnings per share. The firm’s quarterly revenue was up 29.4% compared to the same quarter last year. Sell-side analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of Symbotic stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the completion of the transaction, the insider directly owned 5,590,000 shares of the company’s stock, valued at approximately $297,443,900. The trade was a 38.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rollin L. Ford sold 60,000 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $57.51, for a total transaction of $3,450,600.00. The disclosure for this sale is available in the SEC filing. Insiders sold 7,186,533 shares of company stock worth $383,607,335 in the last 90 days. Company insiders own 8.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Mercer Global Advisors Inc. ADV raised its holdings in shares of Symbotic by 32.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 8,435 shares of the company’s stock worth $502,000 after buying an additional 2,056 shares during the period. NewEdge Advisors LLC boosted its holdings in Symbotic by 278.4% during the 4th quarter. NewEdge Advisors LLC now owns 9,711 shares of the company’s stock valued at $578,000 after acquiring an additional 7,145 shares during the period. Twinbeech Capital LP bought a new position in Symbotic in the 4th quarter valued at $1,515,000. Polymer Capital Management US LLC bought a new position in Symbotic in the 4th quarter valued at $279,000. Finally, Readystate Asset Management LP purchased a new stake in Symbotic in the fourth quarter worth $470,000.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.