Symbotic (NASDAQ:SYM) Stock Price Down 2.4% – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM) shares traded down 2.4% during trading on Wednesday . The stock traded as low as $53.72 and last traded at $54.01. 1,514,018 shares changed hands during mid-day trading, a decline of 30% from the average session volume of 2,172,233 shares. The stock had previously closed at $55.32.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. TD Cowen reiterated a “buy” rating on shares of Symbotic in a report on Wednesday, December 3rd. Robert W. Baird upped their price target on shares of Symbotic from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 26th. Wall Street Zen raised shares of Symbotic from a “hold” rating to a “buy” rating in a research note on Saturday, February 7th. Barclays boosted their price objective on shares of Symbotic from $41.00 to $42.00 and gave the company an “underweight” rating in a research note on Monday, January 12th. Finally, DA Davidson upped their price objective on Symbotic from $53.00 to $57.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Six analysts have rated the stock with a Buy rating, six have assigned a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $58.07.

Symbotic Trading Down 2.4%

The stock has a market capitalization of $32.52 billion, a PE ratio of -540.05, a PEG ratio of 7.33 and a beta of 2.13. The business’s 50-day moving average is $61.12 and its two-hundred day moving average is $60.66.

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

Insider Buying and Selling

In other news, Director Todd Krasnow sold 4,000 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $53.73, for a total transaction of $214,920.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Rollin L. Ford sold 60,000 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $57.51, for a total transaction of $3,450,600.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 7,204,212 shares of company stock valued at $385,123,962 over the last three months. Company insiders own 8.16% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust grew its position in shares of Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock worth $32,000 after acquiring an additional 268 shares in the last quarter. MAI Capital Management lifted its stake in Symbotic by 833.3% during the third quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after purchasing an additional 500 shares during the last quarter. Quarry LP bought a new position in Symbotic during the fourth quarter worth $36,000. Parallel Advisors LLC boosted its holdings in Symbotic by 67.3% in the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after purchasing an additional 249 shares during the period. Finally, Ameriflex Group Inc. boosted its holdings in Symbotic by 1,500.0% in the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock worth $38,000 after purchasing an additional 660 shares during the period.

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.