Symbotic (NASDAQ:SYM) Stock Price Down 2.3% - Here's What Happened

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) dropped 2.3% during trading on Wednesday . The stock traded as low as $44.67 and last traded at $44.65. Approximately 536,167 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 2,039,845 shares. The stock had previously closed at $45.69.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group lowered their price objective on Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Arete Research raised shares of Symbotic to a "strong-buy" rating and set a $50.00 price objective for the company in a research note on Wednesday, June 25th. Northland Securities increased their price objective on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday. Arete initiated coverage on shares of Symbotic in a report on Wednesday, June 25th. They issued a "buy" rating and a $50.00 target price for the company. Finally, Citigroup dropped their price target on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating for the company in a research report on Monday, April 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $39.59.

Symbotic Trading Up 1.4%

The company has a market cap of $28.19 billion, a price-to-earnings ratio of -1,195.25, a price-to-earnings-growth ratio of 49.12 and a beta of 2.03. The firm has a 50-day moving average price of $31.53 and a 200 day moving average price of $26.74.

Symbotic (NASDAQ:SYM - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The business had revenue of $549.65 million for the quarter, compared to the consensus estimate of $522.36 million. During the same quarter in the previous year, the firm earned ($0.07) EPS. The firm's revenue for the quarter was up 39.7% on a year-over-year basis. Research analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In related news, Director Todd Krasnow sold 5,940 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $26.38, for a total transaction of $156,697.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Maria G. Freve sold 1,929 shares of the stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $21.69, for a total value of $41,840.01. Following the completion of the sale, the insider directly owned 2,646 shares in the company, valued at $57,391.74. This represents a 42.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 48,616 shares of company stock worth $1,326,437. Insiders own 0.60% of the company's stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently modified their holdings of SYM. Walmart Inc. bought a new stake in Symbotic in the 4th quarter valued at about $355,650,000. JPMorgan Chase & Co. increased its stake in shares of Symbotic by 100.6% in the fourth quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock valued at $411,000 after purchasing an additional 3,110,075 shares during the period. Vanguard Group Inc. raised its holdings in shares of Symbotic by 41.3% during the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock valued at $117,846,000 after buying an additional 1,452,627 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Symbotic during the fourth quarter valued at approximately $20,754,000. Finally, Amanah Holdings Trust acquired a new position in shares of Symbotic during the second quarter worth approximately $19,824,000.

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.