Symbotic (NASDAQ:SYM) Trading Down 4.6% – Here’s What Happened

Shares of Symbotic Inc. (NASDAQ:SYM) dropped 4.6% during mid-day trading on Friday . The company traded as low as $53.60 and last traded at $54.78. Approximately 1,229,688 shares were traded during trading, a decline of 39% from the average daily volume of 2,027,674 shares. The stock had previously closed at $57.42.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SYM. The Goldman Sachs Group reissued a “sell” rating and set a $50.00 target price on shares of Symbotic in a research note on Thursday, January 15th. Wall Street Zen raised Symbotic from a “hold” rating to a “buy” rating in a report on Saturday, February 7th. Needham & Company LLC lifted their price target on Symbotic from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. TD Cowen reiterated a “buy” rating on shares of Symbotic in a research report on Wednesday, December 3rd. Finally, Cantor Fitzgerald increased their price objective on Symbotic from $60.00 to $82.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Six research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $60.57.

Symbotic Stock Down 4.6%

The stock has a market capitalization of $32.99 billion, a price-to-earnings ratio of -547.75, a PEG ratio of 5.63 and a beta of 2.13. The company’s 50-day moving average is $60.42 and its 200-day moving average is $60.47.

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

Insiders Place Their Bets

In other news, Director Rollin L. Ford sold 60,000 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $57.51, for a total transaction of $3,450,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the company’s 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 in the company, valued at $297,443,900. The trade was a 38.50% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 7,190,533 shares of company stock worth $383,891,335. Corporate insiders own 8.16% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Hedge funds have recently added to or reduced their stakes in the business. Barton Investment Management acquired a new stake in Symbotic during the 3rd quarter worth $1,640,000. Hunter Associates Investment Management LLC purchased a new position in shares of Symbotic during the second quarter worth about $361,000. Grove Street Fiduciary LLC grew its holdings in shares of Symbotic by 314.4% during the third quarter. Grove Street Fiduciary LLC now owns 35,000 shares of the company’s stock worth $1,886,000 after purchasing an additional 26,555 shares during the last quarter. Mutual Advisors LLC acquired a new stake in shares of Symbotic during the third quarter worth about $1,919,000. Finally, Prospera Financial Services Inc purchased a new stake in shares of Symbotic in the 2nd quarter valued at about $861,000.

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.