Symbotic (NASDAQ:SYM) Stock Price Down 2.3% – Here’s Why

Symbotic Inc. (NASDAQ:SYM)’s stock price traded down 2.3% on Wednesday . The company traded as low as $59.62 and last traded at $61.65. 1,398,530 shares traded hands during trading, a decline of 17% from the average session volume of 1,691,537 shares. The stock had previously closed at $63.12.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SYM shares. TD Cowen reiterated a “buy” rating on shares of Symbotic in a research report on Wednesday, December 3rd. Northcoast Research downgraded Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. Zacks Research upgraded shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. DA Davidson reaffirmed a “neutral” rating and issued a $47.00 target price on shares of Symbotic in a research report on Tuesday, November 25th. Finally, Robert W. Baird lifted their price objective on Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, November 26th. Six investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have assigned a Sell rating to the company. Based on data from MarketBeat.com, Symbotic presently has an average rating of “Hold” and an average price target of $56.79.

Symbotic Trading Down 2.3%

The business’s 50 day moving average is $64.30 and its two-hundred day moving average is $59.70. The company has a market cap of $36.47 billion, a PE ratio of -411.00, a PEG ratio of 19.12 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 24th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). The company had revenue of $618.46 million during the quarter, compared to analysts’ expectations of $604.00 million. Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.Symbotic’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.47 EPS. As a group, equities research analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Activity

In other news, Director Merline Saintil sold 9,000 shares of the firm’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $84.72, for a total transaction of $762,480.00. Following the transaction, the director owned 68,413 shares in the company, valued at approximately $5,795,949.36. This trade represents a 11.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $53.21, for a total value of $186,235,000.00. Following the sale, the insider owned 5,590,000 shares of the company’s stock, valued at approximately $297,443,900. This represents a 38.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 7,066,463 shares of company stock valued at $377,427,267. Insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. MAI Capital Management raised its position in shares of Symbotic by 833.3% in the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after purchasing an additional 500 shares during the last quarter. AdvisorNet Financial Inc acquired a new position in shares of Symbotic in the 2nd quarter valued at $32,000. IAG Wealth Partners LLC acquired a new stake in Symbotic during the second quarter valued at $32,000. Ameriflex Group Inc. raised its position in shares of Symbotic by 1,500.0% in the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock worth $38,000 after acquiring an additional 660 shares during the period. Finally, Gables Capital Management Inc. purchased a new position in shares of Symbotic in the 2nd quarter valued at about $39,000.

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.