Symbotic (NASDAQ:SYM) Stock Price Down 2.3% – Should You Sell?

Shares of Symbotic Inc. (NASDAQ:SYM) were down 2.3% on Friday . The company traded as low as $55.35 and last traded at $58.18. Approximately 1,530,351 shares changed hands during mid-day trading, a decline of 23% from the average daily volume of 1,994,506 shares. The stock had previously closed at $59.52.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SYM. Arete Research lowered shares of Symbotic from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Weiss Ratings restated a “hold (c-)” rating on shares of Symbotic in a research report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft cut shares of Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price objective for the company. in a research note on Friday, July 18th. DA Davidson reissued a “neutral” rating and issued a $47.00 target price (up from $35.00) on shares of Symbotic in a research note on Monday, August 25th. Finally, Robert W. Baird cut Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a report on Thursday, August 7th. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $44.61.

Symbotic Stock Performance

The company’s 50-day moving average price is $63.17 and its 200 day moving average price is $47.80. The stock has a market cap of $34.35 billion, a PE ratio of -831.02, a price-to-earnings-growth ratio of 10.62 and a beta of 2.10.

Insiders Place Their Bets

In other Symbotic news, insider William M. Boyd III sold 11,735 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $82.09, for a total transaction of $963,326.15. Following the completion of the transaction, the insider owned 26,769 shares of the company’s stock, valued at $2,197,467.21. This trade represents a 30.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Maria G. Freve sold 662 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider directly owned 1,312 shares in the company, valued at $93,086.40. This trade represents a 33.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 313,494 shares of company stock valued at $16,178,374 over the last 90 days. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. MAI Capital Management increased its stake in Symbotic by 833.3% during the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after buying an additional 500 shares during the period. AdvisorNet Financial Inc purchased a new stake in shares of Symbotic during the second quarter worth $32,000. IAG Wealth Partners LLC purchased a new stake in shares of Symbotic during the second quarter worth $32,000. Ameriflex Group Inc. raised its stake in shares of Symbotic by 1,500.0% in the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after acquiring an additional 660 shares in the last quarter. Finally, Gables Capital Management Inc. purchased a new position in Symbotic in the second quarter valued at $39,000.

Symbotic Company Profile

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.