Symbotic (NASDAQ:SYM) Sets New 1-Year Low – Time to Sell?

Symbotic Inc. (NASDAQ:SYM)’s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $38.06 and last traded at $38.63, with a volume of 243197 shares traded. The stock had previously closed at $39.67.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Robert W. Baird set a $51.00 price target on Symbotic in a report on Thursday, August 6th. Weiss Ratings raised Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. Needham & Company LLC reiterated a “buy” rating and issued a $75.00 price objective on shares of Symbotic in a report on Thursday, August 6th. Finally, DA Davidson reissued a “buy” rating and set a $70.00 target price on shares of Symbotic in a research report on Monday, May 11th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Symbotic currently has a consensus rating of “Hold” and a consensus price target of $65.92.

Symbotic Stock Performance

The business has a 50-day simple moving average of $41.96 and a two-hundred day simple moving average of $48.30. The company has a market capitalization of $24.11 billion, a price-to-earnings ratio of 443.00, a PEG ratio of 5.14 and a beta of 1.94.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The company had revenue of $720.84 million during the quarter, compared to analyst estimates of $715.03 million. During the same period in the previous year, the firm posted ($0.05) EPS. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. Research analysts predict that Symbotic Inc. will post 0.25 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Izilda P. Martins sold 27,463 shares of Symbotic stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $40.80, for a total value of $1,120,490.40. Following the sale, the chief financial officer owned 35,171 shares of the company’s stock, valued at $1,434,976.80. The trade was a 43.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider William M. Boyd III sold 9,194 shares of the business’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $41.04, for a total transaction of $377,321.76. Following the transaction, the insider owned 57,112 shares in the company, valued at approximately $2,343,876.48. This trade represents a 13.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 84,085 shares of company stock worth $3,468,788. 8.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Symbotic

A number of large investors have recently modified their holdings of SYM. California State Teachers Retirement System boosted its stake in shares of Symbotic by 5,964.6% in the second quarter. California State Teachers Retirement System now owns 3,388,331 shares of the company’s stock valued at $152,305,000 after buying an additional 3,332,460 shares in the last quarter. AlphaGrep UK Ltd acquired a new position in Symbotic during the second quarter worth $356,000. Lakeshore Financial Planning Inc. purchased a new position in Symbotic in the second quarter worth $351,000. Concurrent Investment Advisors LLC raised its position in Symbotic by 5.2% in the second quarter. Concurrent Investment Advisors LLC now owns 5,811 shares of the company’s stock worth $261,000 after acquiring an additional 287 shares in the last quarter. Finally, Nykredit A S acquired a new stake in Symbotic in the second quarter valued at $89,000.

Symbotic Company Profile

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.