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

Shares of Symbotic Inc. (NASDAQ:SYM) were down 2.3% during mid-day trading on Friday . The company traded as low as $49.38 and last traded at $50.12. Approximately 1,938,034 shares traded hands during trading, an increase of 6% from the average daily volume of 1,831,677 shares. The stock had previously closed at $51.28.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SYM. Cantor Fitzgerald increased their price objective on shares of Symbotic from $60.00 to $82.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. DA Davidson boosted their target price on shares of Symbotic from $53.00 to $57.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Symbotic from $55.00 to $63.00 and gave the stock a “hold” rating in a report on Tuesday, November 25th. Northcoast Research downgraded Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. Finally, Citigroup restated an “outperform” rating on shares of Symbotic in a research report on Thursday, February 5th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $60.71.

Symbotic Stock Performance

The stock’s fifty day simple moving average is $57.19 and its two-hundred day simple moving average is $60.76. The stock has a market capitalization of $30.18 billion, a P/E ratio of -501.15, a price-to-earnings-growth ratio of 5.02 and a beta of 2.13.

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

Insiders Place Their Bets

In other Symbotic news, Director Rollin L. Ford sold 60,000 shares of the stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $57.51, for a total transaction of $3,450,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles Kane sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $47.86, for a total transaction of $191,440.00. Following the transaction, the director owned 89,852 shares of the company’s stock, valued at approximately $4,300,316.72. The trade was a 4.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 193,492 shares of company stock valued at $11,449,123 over the last three months. Insiders own 8.16% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds have recently bought and sold shares of the company. Rockefeller Capital Management L.P. lifted its holdings in Symbotic by 13.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 10,243 shares of the company’s stock valued at $609,000 after buying an additional 1,223 shares during the period. Osbon Capital Management LLC bought a new position in shares of Symbotic in the 4th quarter worth about $334,000. Fund Advisors of America Inc FL bought a new position in shares of Symbotic in the 4th quarter worth about $1,378,000. Mercer Global Advisors Inc. ADV lifted its stake in shares of Symbotic by 32.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 8,435 shares of the company’s stock valued at $502,000 after purchasing an additional 2,056 shares during the period. Finally, NewEdge Advisors LLC lifted its stake in shares of Symbotic by 278.4% in the 4th quarter. NewEdge Advisors LLC now owns 9,711 shares of the company’s stock valued at $578,000 after purchasing an additional 7,145 shares during the period.

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.