Symbotic (NASDAQ:SYM) Stock Price Down 2.4% – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM) was down 2.4% during mid-day trading on Wednesday . The stock traded as low as $53.72 and last traded at $54.01. Approximately 1,514,018 shares traded hands during trading, a decline of 30% from the average daily volume of 2,172,233 shares. The stock had previously closed at $55.32.

Analysts Set New Price Targets

Several research firms have recently commented on SYM. Weiss Ratings reissued a “hold (c-)” rating on shares of Symbotic in a report on Thursday, January 22nd. Northcoast Research downgraded Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. Barclays boosted their target price on shares of Symbotic from $41.00 to $42.00 and gave the stock an “underweight” rating in a research report on Monday, January 12th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $50.00 price target on shares of Symbotic in a research note on Thursday, January 15th. Finally, Citigroup reiterated an “outperform” rating on shares of Symbotic in a research note on Thursday, February 5th. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $58.07.

Symbotic Trading Down 2.4%

The firm has a market capitalization of $32.52 billion, a PE ratio of -540.05, a PEG ratio of 7.33 and a beta of 2.13. The stock’s 50 day moving average price is $61.12 and its two-hundred day moving average price is $60.66.

Symbotic (NASDAQ:SYM) last announced 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 company had revenue of $629.99 million for the quarter, compared to analyst estimates of $622.58 million. Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. Symbotic’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.03) EPS. Analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Activity

In other news, insider Maria G. Freve sold 8,306 shares of the business’s stock in a transaction that occurred on Wednesday, January 28th. The shares were sold at an average price of $55.11, for a total value of $457,743.66. Following the completion of the transaction, the insider owned 539 shares of the company’s stock, valued at $29,704.29. The trade was a 93.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William M. Boyd III sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $69.00, for a total transaction of $1,035,000.00. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,204,212 shares of company stock worth $385,123,962 in the last quarter. Corporate insiders own 8.16% of the company’s stock.

Institutional Trading of Symbotic

Hedge funds and other institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC raised its holdings in 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 acquiring an additional 7,145 shares during the last quarter. Twinbeech Capital LP purchased a new stake in shares of Symbotic in the fourth quarter valued at $1,515,000. Polymer Capital Management US LLC acquired a new position in Symbotic in the fourth quarter valued at $279,000. Readystate Asset Management LP acquired a new position in Symbotic in the fourth quarter valued at $470,000. Finally, Oxford Asset Management LLP purchased a new position in Symbotic during the fourth quarter worth about $1,355,000.

About Symbotic

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.