Symbotic (NASDAQ:SYM) Trading Down 10.1% – What’s Next?

Shares of Symbotic Inc. (NASDAQ:SYM) traded down 10.1% during trading on Thursday . The stock traded as low as $69.02 and last traded at $70.18. 1,935,214 shares changed hands during mid-day trading, a decline of 3% from the average session volume of 1,996,096 shares. The stock had previously closed at $78.07.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. DA Davidson reiterated a “neutral” rating and issued a $47.00 price target (up from $35.00) on shares of Symbotic in a research report on Monday, August 25th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Symbotic in a research report on Wednesday, October 8th. Arete downgraded shares of Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research note on Friday, July 25th. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, Barclays initiated coverage on shares of Symbotic in a research note on Tuesday, October 7th. They set an “underweight” rating and a $38.00 price objective on the stock. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $44.61.

Symbotic Stock Down 10.1%

The company has a market cap of $41.44 billion, a PE ratio of -1,002.43, a P/E/G ratio of 12.73 and a beta of 2.10. The stock’s 50 day simple moving average is $60.79 and its two-hundred day simple moving average is $46.07.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.08). Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The business had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. During the same period in the previous year, the company earned ($0.02) EPS. Symbotic’s revenue was up 25.9% on a year-over-year basis. Analysts forecast that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Buying and Selling

In related news, insider William M. Boyd III sold 2,660 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $75.08, for a total transaction of $199,712.80. Following the completion of the sale, the insider directly owned 26,769 shares of the company’s stock, valued at approximately $2,009,816.52. This trade represents a 9.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Maria G. Freve sold 662 shares of the firm’s stock in a transaction on Tuesday, October 28th. The shares were sold at an average price of $70.95, for a total transaction of $46,968.90. Following the sale, the insider directly owned 1,312 shares of the company’s stock, valued at approximately $93,086.40. The trade was a 33.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 432,759 shares of company stock valued at $21,910,798. 0.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

A number of large investors have recently added to or reduced their stakes in SYM. AdvisorNet Financial Inc acquired a new stake in Symbotic during the 2nd quarter valued at $32,000. IAG Wealth Partners LLC acquired a new position in Symbotic during the 2nd quarter worth $32,000. Gables Capital Management Inc. acquired a new position in Symbotic during the 2nd quarter worth $39,000. NewEdge Advisors LLC grew its holdings in Symbotic by 81.5% during the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock worth $50,000 after acquiring an additional 573 shares in the last quarter. Finally, CWM LLC grew its holdings in Symbotic by 408.2% during the 1st quarter. CWM LLC now owns 2,602 shares of the company’s stock worth $53,000 after acquiring an additional 2,090 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.