Symbotic (NASDAQ:SYM) Trading Down 10.1% – What’s Next?

Symbotic Inc. (NASDAQ:SYM)’s share price fell 10.1% on Thursday . The stock traded as low as $69.02 and last traded at $70.18. 1,935,214 shares were traded during mid-day trading, a decline of 3% from the average session volume of 1,996,096 shares. The stock had previously closed at $78.07.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SYM. Citigroup reiterated a “buy” rating on shares of Symbotic in a report on Monday, July 14th. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 1st. Robert W. Baird cut shares of Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 price target for the company. in a research report on Thursday, August 7th. 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 report on Friday, July 18th. Finally, Northcoast Research set a $65.00 price target on shares of Symbotic and gave the company a “buy” rating in a research report on Thursday, October 2nd. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $44.61.

Symbotic Trading Down 10.1%

The stock’s fifty day moving average price is $60.79 and its two-hundred day moving average price is $46.07. The firm has a market capitalization of $41.44 billion, a price-to-earnings ratio of -1,002.43, a price-to-earnings-growth ratio of 12.73 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.08). Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The firm had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. During the same quarter in the previous year, the business posted ($0.02) earnings per share. Symbotic’s revenue for the quarter was up 25.9% compared to the same quarter last year. Analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In related news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of Symbotic stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $46.45, for a total transaction of $10,219,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Todd Krasnow sold 4,000 shares of Symbotic stock in a transaction on Monday, October 6th. The stock was sold at an average price of $67.02, for a total transaction of $268,080.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 432,759 shares of company stock worth $21,910,798 over the last three months. Company insiders own 0.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its holdings in Symbotic by 10.4% during the third quarter. Advisors Asset Management Inc. now owns 56,224 shares of the company’s stock worth $3,030,000 after purchasing an additional 5,287 shares in the last quarter. Versor Investments LP purchased a new position in Symbotic during the third quarter worth about $562,000. Centerpoint Advisors LLC raised its holdings in Symbotic by 16.7% during the third quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock worth $75,000 after purchasing an additional 200 shares in the last quarter. Gables Capital Management Inc. grew its position in Symbotic by 100.0% during the third quarter. Gables Capital Management Inc. now owns 2,000 shares of the company’s stock worth $108,000 after buying an additional 1,000 shares during the period. Finally, Wellington Shields Capital Management LLC acquired a new position in Symbotic during the third quarter worth about $193,000.

About Symbotic

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.