Symbotic (NASDAQ:SYM) Stock Price Down 1% – What’s Next?

Symbotic Inc. (NASDAQ:SYM) shares dropped 1% on Monday . The company traded as low as $51.88 and last traded at $54.21. Approximately 1,110,171 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 2,003,790 shares. The stock had previously closed at $54.78.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SYM. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $50.00 target price on shares of Symbotic in a research report on Thursday, January 15th. Deutsche Bank Aktiengesellschaft raised their price objective on Symbotic from $55.00 to $63.00 and gave the stock a “hold” rating in a report on Tuesday, November 25th. Citigroup reiterated an “outperform” rating on shares of Symbotic in a report on Thursday, February 5th. Wall Street Zen downgraded shares of Symbotic from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $60.57.

Symbotic Price Performance

The company has a market cap of $32.64 billion, a price-to-earnings ratio of -542.05, a P/E/G ratio of 5.49 and a beta of 2.13. The company’s 50-day simple moving average is $60.34 and its 200-day simple moving average is $60.61.

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

Insider Buying and Selling

In other news, major shareholder Group Corp. Softbank sold 3,500,000 shares of the firm’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the completion of the sale, the insider directly owned 5,590,000 shares in the company, valued at $297,443,900. This trade represents a 38.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider William M. Boyd III sold 15,000 shares of the business’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $69.00, for a total value of $1,035,000.00. The SEC filing for this sale provides additional information. Insiders sold a total of 7,190,533 shares of company stock worth $383,891,335 over the last quarter. Company insiders own 8.16% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Royal Bank of Canada increased its holdings in shares of Symbotic by 28.8% in the 1st quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock valued at $1,714,000 after acquiring an additional 18,967 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Symbotic by 15.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock valued at $1,716,000 after purchasing an additional 11,098 shares during the period. Teacher Retirement System of Texas bought a new stake in shares of Symbotic during the 2nd quarter worth about $284,000. Spire Wealth Management increased its stake in shares of Symbotic by 42.7% during the second quarter. Spire Wealth Management now owns 19,404 shares of the company’s stock valued at $754,000 after acquiring an additional 5,808 shares during the period. Finally, Hunter Associates Investment Management LLC bought a new stake in Symbotic during the second quarter worth approximately $361,000.

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.