Symbotic (NASDAQ:SYM) Stock Price Down 3.4% – Time to Sell?

Symbotic Inc. (NASDAQ:SYM)’s stock price fell 3.4% on Friday . The company traded as low as $60.24 and last traded at $61.43. 2,600,512 shares were traded during trading, an increase of 19% from the average session volume of 2,185,543 shares. The stock had previously closed at $63.62.

Analyst Ratings Changes

SYM has been the topic of several recent analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Symbotic in a report on Wednesday, October 8th. Cantor Fitzgerald raised their price target on shares of Symbotic from $60.00 to $82.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. Northland Securities upped their price objective on shares of Symbotic from $56.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, November 25th. UBS Group reiterated a “sell” rating and set a $35.00 target price (up from $27.00) on shares of Symbotic in a report on Tuesday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a report on Tuesday, November 25th. Six equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $56.50.

Symbotic Trading Down 3.4%

The business’s 50 day moving average price is $68.39 and its two-hundred day moving average price is $53.81. The stock has a market cap of $36.34 billion, a P/E ratio of -409.53, a price-to-earnings-growth ratio of 17.43 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 24th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.11). The company had revenue of $618.46 million during the quarter, compared to analysts’ expectations of $604.00 million. Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.The business’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the business earned $0.47 earnings per share. As a group, analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Activity at Symbotic

In other Symbotic news, major shareholder Group Corp. Softbank sold 3,500,000 shares of the firm’s stock in a transaction on 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 transaction, the insider owned 5,590,000 shares of the company’s stock, valued at approximately $297,443,900. This trade represents a 38.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the business’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the sale, the insider owned 5,590,000 shares in the company, valued at approximately $297,443,900. This trade represents a 38.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 7,085,508 shares of company stock valued at $378,774,555 over the last ninety days. Insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several hedge funds have recently bought and sold shares of the business. Amanah Holdings Trust purchased a new stake in Symbotic in the second quarter worth approximately $19,824,000. ARK Investment Management LLC lifted its holdings in shares of Symbotic by 13.3% during the 2nd quarter. ARK Investment Management LLC now owns 445,498 shares of the company’s stock valued at $17,308,000 after buying an additional 52,205 shares during the period. Amundi boosted its stake in shares of Symbotic by 53.0% in the 1st quarter. Amundi now owns 72,192 shares of the company’s stock worth $1,459,000 after buying an additional 24,993 shares during the last quarter. Hunter Associates Investment Management LLC purchased a new position in shares of Symbotic in the 2nd quarter worth $361,000. Finally, Prospera Financial Services Inc bought a new stake in shares of Symbotic in the second quarter worth $861,000.

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.