Symbotic (NASDAQ:SYM) Stock Price Down 3.7% – What’s Next?

Symbotic Inc. (NASDAQ:SYM) shares fell 3.7% during mid-day trading on Friday . The company traded as low as $30.51 and last traded at $30.65. 1,466,235 shares traded 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 Upgrades and Downgrades

A number of research analysts have weighed in on SYM shares. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a report on Thursday, December 5th. BWS Financial reiterated a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research note on Tuesday, November 19th. 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 research report on Wednesday, December 4th. Finally, DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $38.73.

Symbotic Stock Down 4.6 %

The firm has a 50 day moving average price of $28.04 and a 200-day moving average price of $27.59. The stock has a market capitalization of $17.83 billion, a PE ratio of -507.50 and a beta of 1.76.

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

Insider Activity at Symbotic

In related news, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the transaction, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the sale, the director now owns 214,036 shares of the company’s stock, valued at approximately $5,145,425.44. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,844 shares of company stock worth $3,268,431. Insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board increased its position in Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after buying an additional 509,700 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Symbotic by 10.2% during the 3rd quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock valued at $12,290,000 after acquiring an additional 46,721 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in Symbotic in the third quarter valued at approximately $1,029,000. Capital Market Strategies LLC purchased a new stake in shares of Symbotic in the fourth quarter worth about $802,000. Finally, Baillie Gifford & Co. boosted its holdings in Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares during the period.

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.