Symbotic (NASDAQ:SYM) Trading Down 2.3% – Should You Sell?

Symbotic Inc. (NASDAQ:SYM) shares traded down 2.3% on Friday . The company traded as low as $49.38 and last traded at $50.12. 1,938,034 shares changed hands during mid-day trading, an increase of 6% from the average session volume of 1,831,677 shares. The stock had previously closed at $51.28.

Wall Street Analysts Forecast Growth

SYM has been the subject of several research analyst reports. Needham & Company LLC lifted their target price on shares of Symbotic from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Barclays increased their price target on shares of Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a report on Monday. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Symbotic from $55.00 to $63.00 and gave the stock a “hold” rating in a research report on Tuesday, November 25th. Oppenheimer restated an “outperform” rating and set a $83.00 price objective on shares of Symbotic in a report on Tuesday, November 25th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and issued 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, seven have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and an average target price of $60.71.

Symbotic Stock Down 2.3%

The firm has a market cap of $30.18 billion, a price-to-earnings ratio of -501.15, a P/E/G ratio of 5.02 and a beta of 2.13. The stock has a 50 day moving average of $57.19 and a 200 day moving average of $60.76.

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

Insider Activity at Symbotic

In related news, Director Charles Kane sold 4,000 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $47.86, for a total transaction of $191,440.00. Following the sale, the director owned 89,852 shares in the company, valued at approximately $4,300,316.72. This trade represents a 4.26% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Merline Saintil sold 3,414 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $50.82, for a total value of $173,499.48. Following the sale, the director owned 75,344 shares of the company’s stock, valued at $3,828,982.08. The trade was a 4.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 193,492 shares of company stock worth $11,449,123 in the last 90 days. Corporate insiders own 8.16% of the company’s stock.

Institutional Trading of Symbotic

Large investors have recently bought and sold shares of the business. Royal Bank of Canada grew its position in Symbotic by 28.8% in the first quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock valued at $1,714,000 after acquiring an additional 18,967 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Symbotic by 15.0% during 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 acquiring an additional 11,098 shares in the last quarter. KBC Group NV bought a new position in shares of Symbotic in the second quarter worth about $66,000. PNC Financial Services Group Inc. lifted its holdings in shares of Symbotic by 7.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,354 shares of the company’s stock worth $247,000 after acquiring an additional 422 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Symbotic by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 551,216 shares of the company’s stock valued at $21,419,000 after purchasing an additional 4,892 shares in the last quarter.

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.