Symbotic (NASDAQ:SYM) Stock Price Down 2.8% – Here’s Why

Shares of Symbotic Inc. (NASDAQ:SYM) fell 2.8% during trading on Monday . The company traded as low as $59.20 and last traded at $59.73. 3,411,410 shares traded hands during mid-day trading, an increase of 56% from the average session volume of 2,193,192 shares. The stock had previously closed at $61.43.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SYM shares. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Oppenheimer reaffirmed an “outperform” rating and issued a $83.00 price target on shares of Symbotic in a report on Tuesday, November 25th. Cowen reissued a “buy” rating on shares of Symbotic in a research note on Wednesday, December 3rd. Wall Street Zen upgraded Symbotic from a “sell” rating to a “hold” rating in a report on Sunday, November 30th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Symbotic in a report on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and an average target price of $56.50.

Symbotic Stock Performance

The firm has a market cap of $33.12 billion, a price-to-earnings ratio of -373.27, a price-to-earnings-growth ratio of 16.94 and a beta of 2.10. The company has a 50 day moving average price of $68.11 and a 200 day moving average price of $54.43.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 24th. The company reported ($0.03) earnings per share (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 net margin of 0.75% and a negative return on equity of 3.89%. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 earnings per share. On average, research analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Activity

In related news, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of Symbotic stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $53.21, for a total value of $186,235,000.00. Following the completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Merline Saintil sold 9,000 shares of the company’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $84.72, for a total value of $762,480.00. Following the transaction, the director owned 68,413 shares in the company, valued at $5,795,949.36. This trade represents a 11.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,083,053 shares of company stock worth $378,650,381 in the last three months. 0.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Symbotic

A number of large investors have recently modified their holdings of SYM. MAI Capital Management grew its stake in Symbotic by 833.3% during the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after purchasing an additional 500 shares in the last quarter. AdvisorNet Financial Inc purchased a new position in shares of Symbotic in the 2nd quarter valued at about $32,000. IAG Wealth Partners LLC acquired a new position in shares of Symbotic during the second quarter worth about $32,000. Ameriflex Group Inc. increased its stake in shares of Symbotic by 1,500.0% during the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock worth $38,000 after buying an additional 660 shares during the period. Finally, Gables Capital Management Inc. purchased a new stake in shares of Symbotic during the second quarter worth approximately $39,000.

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.