Symbotic (NASDAQ:SYM) Trading Down 1.3% – What’s Next?

Symbotic Inc. (NASDAQ:SYM)’s share price dropped 1.3% during mid-day trading on Wednesday . The stock traded as low as $59.42 and last traded at $59.50. Approximately 1,461,436 shares changed hands during trading, a decline of 33% from the average daily volume of 2,176,734 shares. The stock had previously closed at $60.27.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Northland Securities lifted their target price on shares of Symbotic from $56.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, November 25th. Needham & Company LLC boosted their price target on shares of Symbotic from $57.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Weiss Ratings restated a “hold (c-)” rating on shares of Symbotic in a research report on Wednesday, October 8th. The Goldman Sachs Group lowered shares of Symbotic from a “neutral” rating to a “sell” rating and set a $47.00 target price on the stock. in a research report on Tuesday, December 2nd. Finally, UBS Group reiterated a “sell” rating and set a $35.00 price objective (up from $27.00) on shares of Symbotic in a research note on Tuesday, September 23rd. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, Symbotic has an average rating of “Hold” and a consensus price target of $56.50.

Symbotic Trading Down 1.3%

The firm has a fifty day moving average price of $65.83 and a 200 day moving average price of $56.51. The firm has a market cap of $35.20 billion, a PE ratio of -396.67, a price-to-earnings-growth ratio of 16.97 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results 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 firm had revenue of $618.46 million for the quarter, compared to analyst estimates of $604.00 million. During the same quarter in the prior year, the business earned $0.47 EPS. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. As a group, equities analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Activity

In other Symbotic news, Director Merline Saintil sold 9,000 shares of the business’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $84.72, for a total value of $762,480.00. Following the completion of the transaction, the director owned 68,413 shares in the company, valued at $5,795,949.36. The trade was a 11.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the stock in a transaction dated 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 directly owned 5,590,000 shares in the company, valued at $297,443,900. This represents a 38.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 7,085,508 shares of company stock worth $378,798,933. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently added to or reduced their stakes in the business. MAI Capital Management lifted its holdings in Symbotic by 833.3% in the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after purchasing an additional 500 shares in the last quarter. IAG Wealth Partners LLC purchased a new position in shares of Symbotic during the second quarter valued at approximately $32,000. AdvisorNet Financial Inc acquired a new stake in Symbotic during the second quarter worth approximately $32,000. Ameriflex Group Inc. boosted its position in 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 acquiring an additional 660 shares during the last quarter. Finally, Gables Capital Management Inc. purchased a new stake in Symbotic in the 2nd quarter worth approximately $39,000.

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.