Symbotic (NASDAQ:SYM) Stock Price Down 3.7% – Here’s Why

Symbotic Inc. (NASDAQ:SYM)’s stock price fell 3.7% during trading on Friday . The company traded as low as $30.51 and last traded at $30.65. 1,466,235 shares changed hands during trading, a decline of 43% from the average session volume of 2,561,533 shares. The stock had previously closed at $31.82.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SYM shares. The Goldman Sachs Group reduced their price target on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating for the company in a report on Wednesday, December 4th. Oppenheimer initiated coverage on Symbotic in a research note on Wednesday. They set an “outperform” rating and a $35.00 target price for the company. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 target price for the company in a research report on Wednesday, January 8th. Finally, Northland Securities upped their target price on Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Friday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Symbotic has an average rating of “Moderate Buy” and an average price target of $38.73.

Symbotic Trading Down 4.6 %

The company has a market cap of $17.83 billion, a price-to-earnings ratio of -507.50 and a beta of 1.76. The company has a fifty day moving average price of $28.04 and a two-hundred day moving average price of $27.59.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.05. The firm had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The company’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.08) earnings per share. Sell-side analysts anticipate that Symbotic Inc. will post 0.12 EPS for the current fiscal year.

Insider Buying and Selling

In other Symbotic news, Director Merline Saintil sold 5,250 shares of the stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $28.70, for a total transaction of $150,675.00. Following the sale, the director now owns 74,562 shares of the company’s stock, valued at $2,139,929.40. This represents a 6.58 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the completion of the transaction, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. This represents a 27.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 111,844 shares of company stock worth $3,268,431 in the last quarter. 38.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Castleview Partners LLC grew its holdings in Symbotic by 50.0% during the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after acquiring an additional 500 shares during the period. Quarry LP acquired a new position in Symbotic in the second quarter valued at about $65,000. Arcadia Investment Management Corp MI acquired a new position in shares of Symbotic during the 3rd quarter worth about $49,000. RiverPark Advisors LLC grew its position in shares of Symbotic by 147.1% during the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after buying an additional 1,211 shares during the period. Finally, Quest Partners LLC increased its stake in shares of Symbotic by 19,307.7% in the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock valued at $62,000 after acquiring an additional 2,510 shares during the last quarter.

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.