Symbotic (NASDAQ:SYM) Shares Down 2.3% – Time to Sell?

Symbotic Inc. (NASDAQ:SYM) shares fell 2.3% during trading on Wednesday . The company traded as low as $59.62 and last traded at $61.65. 1,398,530 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 1,691,537 shares. The stock had previously closed at $63.12.

Analysts Set New Price Targets

SYM has been the subject of several recent research reports. DA Davidson reaffirmed a “neutral” rating and issued a $47.00 price objective on shares of Symbotic in a research note on Tuesday, November 25th. Barclays upped their price target on shares of Symbotic from $41.00 to $42.00 and gave the company an “underweight” rating in a research report on Monday, January 12th. UBS Group reiterated a “sell” rating and set a $35.00 price target (up previously from $27.00) on shares of Symbotic in a report on Tuesday, September 23rd. Oppenheimer reissued an “outperform” rating and issued a $83.00 price objective on shares of Symbotic in a research note on Tuesday, November 25th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and set a $50.00 target price on shares of Symbotic in a research report on Thursday, January 15th. Six investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Symbotic has an average rating of “Hold” and an average target price of $56.79.

Symbotic Price Performance

The firm has a market capitalization of $36.47 billion, a price-to-earnings ratio of -411.00, a PEG ratio of 19.12 and a beta of 2.13. The business’s fifty day simple moving average is $64.30 and its 200 day simple moving average is $59.70.

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

Insider Activity at Symbotic

In other news, major shareholder Group Corp. Softbank sold 3,500,000 shares of Symbotic stock in a transaction dated 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 completion of the transaction, the insider directly owned 5,590,000 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. Also, CTO James Kuffner sold 8,348 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $81.30, for a total transaction of $678,692.40. Following the completion of the transaction, the chief technology officer directly owned 30,640 shares in the company, valued at approximately $2,491,032. The trade was a 21.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 7,066,463 shares of company stock valued at $377,427,267 over the last three months. 0.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada boosted its holdings in Symbotic by 28.8% in the 1st quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock worth $1,714,000 after buying an additional 18,967 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Symbotic by 15.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock worth $1,716,000 after purchasing an additional 11,098 shares during the last quarter. Farther Finance Advisors LLC lifted its position in Symbotic by 24.0% during the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company’s stock valued at $69,000 after purchasing an additional 342 shares during the last quarter. AdvisorNet Financial Inc bought a new stake in Symbotic during the second quarter worth about $32,000. Finally, Riverbridge Partners LLC bought a new position in shares of Symbotic during the 2nd quarter valued at about $358,000.

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.