Symbotic (NASDAQ:SYM) Stock Price Down 2.3% – Time to Sell?

Symbotic Inc. (NASDAQ:SYM)’s share price was down 2.3% during trading on Friday . The stock traded as low as $49.38 and last traded at $50.12. Approximately 1,938,034 shares changed hands during mid-day 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 research analysts recently weighed in on SYM shares. UBS Group set a $70.00 price target on Symbotic in a research report on Wednesday, February 18th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $50.00 target price on shares of Symbotic in a research note on Thursday, January 15th. Deutsche Bank Aktiengesellschaft lifted their target price on Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a research note on Tuesday, November 25th. Wall Street Zen downgraded Symbotic from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Citigroup reissued 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $60.71.

Symbotic Stock Down 2.3%

The stock’s 50 day moving average price is $56.78 and its two-hundred day moving average price is $60.88. The firm has a market capitalization of $30.18 billion, a price-to-earnings ratio of -501.15, a P/E/G ratio of 5.02 and a beta of 2.13.

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

Insider Buying and Selling at Symbotic

In related news, Director Rollin L. Ford sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $57.51, for a total value of $3,450,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $47.70, for a total value of $95,400.00. The disclosure for this sale is available in the SEC filing. Insiders sold 193,492 shares of company stock worth $11,449,123 over the last quarter. Insiders own 8.16% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Rockefeller Capital Management L.P. boosted 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 worth $609,000 after purchasing an additional 1,223 shares in the last quarter. Osbon Capital Management LLC acquired a new position in Symbotic during the fourth quarter worth $334,000. Fund Advisors of America Inc FL bought a new position in Symbotic during the fourth quarter valued at about $1,378,000. Mercer Global Advisors Inc. ADV raised its holdings in Symbotic by 32.2% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 8,435 shares of the company’s stock valued at $502,000 after buying an additional 2,056 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its position in shares of Symbotic by 278.4% in the fourth quarter. NewEdge Advisors LLC now owns 9,711 shares of the company’s stock worth $578,000 after buying an additional 7,145 shares during the last quarter.

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.