Symbotic (NASDAQ:SYM) Shares Down 1% – Here’s Why

Shares of Symbotic Inc. (NASDAQ:SYM) traded down 1% during mid-day trading on Monday . The stock traded as low as $51.88 and last traded at $54.21. 1,110,171 shares were traded during trading, a decline of 45% from the average session volume of 2,003,790 shares. The stock had previously closed at $54.78.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. UBS Group set a $70.00 target price on Symbotic in a research note on Wednesday, February 18th. DA Davidson upped their price target on shares of Symbotic from $53.00 to $57.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Northland Securities set a $73.00 target price on shares of Symbotic in a report on Thursday, February 5th. Finally, Barclays raised their target price on shares of Symbotic from $41.00 to $42.00 and gave the stock an “underweight” rating in a report on Monday, January 12th. Six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, Symbotic has an average rating of “Hold” and an average price target of $60.57.

Symbotic Stock Down 1.0%

The business’s 50 day simple moving average is $60.34 and its 200 day simple moving average is $60.61. The company has a market capitalization of $32.64 billion, a PE ratio of -542.05, a price-to-earnings-growth ratio of 5.49 and a beta of 2.13.

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

Insider Activity at Symbotic

In related news, Director Todd Krasnow sold 4,000 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $53.73, for a total transaction of $214,920.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider William M. Boyd III sold 15,000 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $69.00, for a total value of $1,035,000.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 7,190,533 shares of company stock worth $383,891,335. Insiders own 8.16% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of large investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its position in shares of Symbotic by 28.8% in the first quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock worth $1,714,000 after purchasing an additional 18,967 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Symbotic by 15.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock valued at $1,716,000 after buying an additional 11,098 shares during the period. Teacher Retirement System of Texas purchased a new stake in Symbotic in the 2nd quarter worth approximately $284,000. Spire Wealth Management lifted its position in Symbotic by 42.7% in the 2nd quarter. Spire Wealth Management now owns 19,404 shares of the company’s stock worth $754,000 after buying an additional 5,808 shares in the last quarter. Finally, Hunter Associates Investment Management LLC acquired a new stake in shares of Symbotic during the 2nd quarter valued at $361,000.

Symbotic Company Profile

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.