Symbotic (NASDAQ:SYM) Stock Price Down 3.4% – What’s Next?

Symbotic Inc. (NASDAQ:SYM) traded down 3.4% during mid-day trading on Friday . The stock traded as low as $23.06 and last traded at $23.18. 851,106 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 1,701,591 shares. The stock had previously closed at $24.00.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. DA Davidson lowered Symbotic from a “buy” rating to a “neutral” rating and dropped their target price for the company from $50.00 to $35.00 in a research report on Wednesday. Craig Hallum cut shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a report on Wednesday. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a report on Wednesday. BWS Financial reiterated a “sell” rating and set a $10.00 price objective on shares of Symbotic in a research note on Tuesday, November 19th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Symbotic currently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Symbotic Stock Performance

The stock has a market cap of $15.80 billion, a price-to-earnings ratio of -436.33 and a beta of 1.81. The business’s 50 day moving average is $28.94 and its 200-day moving average is $30.72.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.05. The business had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The company’s revenue was up 47.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.08) earnings per share. Sell-side analysts anticipate that Symbotic Inc. will post 0.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction 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 approximately $990,084.48. This represents a 40.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total transaction of $37,500.00. Following the transaction, the director now owns 214,036 shares in the company, valued at $4,013,175. The trade was a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,878 shares of company stock worth $1,378,056. Insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently added to or reduced their stakes in SYM. Castleview Partners LLC boosted its holdings in Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after purchasing an additional 500 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in Symbotic in the third quarter valued at approximately $49,000. RiverPark Advisors LLC lifted its holdings in Symbotic by 147.1% in the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after acquiring an additional 1,211 shares during the last quarter. RFP Financial Group LLC increased its stake in Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after acquiring an additional 310 shares during the last quarter. Finally, Quest Partners LLC increased its stake in Symbotic by 19,307.7% during the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $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.