Symbotic (NASDAQ:SYM) Shares Down 5.7% – Here’s Why

Shares of Symbotic Inc. (NASDAQ:SYM) traded down 5.7% during mid-day trading on Thursday . The company traded as low as $56.76 and last traded at $59.52. 3,571,213 shares changed hands during trading, an increase of 79% from the average session volume of 1,995,597 shares. The stock had previously closed at $63.11.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Needham & Company LLC boosted their price target on Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Northcoast Research set a $65.00 target price on Symbotic and gave the company a “buy” rating in a research report on Thursday, October 2nd. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Deutsche Bank Aktiengesellschaft cut shares of Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price target for the company. in a research note on Friday, July 18th. Finally, Arete downgraded shares of Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a report on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Symbotic has a consensus rating of “Hold” and a consensus target price of $44.61.

Symbotic Stock Down 2.3%

The stock has a market capitalization of $34.35 billion, a P/E ratio of -831.02, a P/E/G ratio of 9.79 and a beta of 2.10. The stock has a 50 day simple moving average of $63.37 and a two-hundred day simple moving average of $48.23.

Insider Activity

In other news, insider William M. Boyd III sold 11,735 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $82.09, for a total value of $963,326.15. Following the sale, the insider directly owned 26,769 shares of the company’s stock, valued at approximately $2,197,467.21. This represents a 30.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder David A. Ladensohn sold 13,500 shares of Symbotic stock in a transaction dated Thursday, October 16th. The stock was sold at an average price of $74.44, for a total value of $1,004,940.00. Following the transaction, the insider owned 2,000 shares of the company’s stock, valued at $148,880. The trade was a 87.10% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 313,494 shares of company stock valued at $16,178,374. 0.60% of the stock is owned by insiders.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently bought and sold shares of the business. Private Trust Co. NA grew its holdings in shares of Symbotic by 10.0% during the 2nd quarter. Private Trust Co. NA now owns 2,200 shares of the company’s stock worth $85,000 after purchasing an additional 200 shares in the last quarter. Centerpoint Advisors LLC increased its holdings in Symbotic by 16.7% in the 3rd quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock valued at $75,000 after buying an additional 200 shares during the period. PNC Financial Services Group Inc. raised its position in shares of Symbotic by 4.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 6,627 shares of the company’s stock valued at $357,000 after buying an additional 273 shares in the last quarter. AlphaQuest LLC lifted its holdings in shares of Symbotic by 12.9% during the 3rd quarter. AlphaQuest LLC now owns 2,519 shares of the company’s stock worth $136,000 after acquiring an additional 287 shares during the period. Finally, Bouvel Investment Partners LLC boosted its position in shares of Symbotic by 0.8% during the 3rd quarter. Bouvel Investment Partners LLC now owns 44,479 shares of the company’s stock worth $2,397,000 after acquiring an additional 336 shares in the last quarter.

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.