Symbotic (NASDAQ:SYM) Shares Down 2.3% - Should You Sell?

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price fell 2.3% during trading on Wednesday . The company traded as low as $44.67 and last traded at $44.65. 536,167 shares traded hands during trading, a decline of 74% from the average session volume of 2,039,845 shares. The stock had previously closed at $45.69.

Wall Street Analyst Weigh In

Several analysts have recently commented on SYM shares. Northland Securities upped their price objective on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a report on Tuesday. The Goldman Sachs Group lowered their price target on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Arete initiated coverage on Symbotic in a research note on Wednesday, June 25th. They set a "buy" rating and a $50.00 price objective for the company. BWS Financial reissued a "sell" rating and issued a $10.00 price objective on shares of Symbotic in a report on Wednesday, April 2nd. Finally, Citigroup dropped their target price on Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, April 14th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $39.59.

Symbotic Price Performance

The firm has a market cap of $27.72 billion, a price-to-earnings ratio of -1,175.30, a PEG ratio of 49.12 and a beta of 2.03. The business has a fifty day simple moving average of $32.04 and a 200 day simple moving average of $26.89.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) EPS 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 firm had revenue of $549.65 million during the quarter, compared to analyst estimates of $522.36 million. During the same period in the prior year, the company posted ($0.07) earnings per share. The firm's revenue for the quarter was up 39.7% compared to the same quarter last year. On average, 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 other Symbotic news, Director Daniela L. Rus sold 1,000 shares of Symbotic stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $30.00, for a total transaction of $30,000.00. Following the transaction, the director directly owned 26,435 shares of the company's stock, valued at $793,050. The trade was a 3.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Todd Krasnow sold 4,000 shares of the firm's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $46.48, for a total value of $185,920.00. Following the sale, the director directly owned 189,036 shares of the company's stock, valued at approximately $8,786,393.28. This trade represents a 2.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 48,616 shares of company stock worth $1,326,437 in the last 90 days. 0.60% of the stock is currently owned by insiders.

Institutional Trading of Symbotic

Hedge funds and other institutional investors have recently modified their holdings of the business. Jones Financial Companies Lllp boosted its stake in Symbotic by 154.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,457 shares of the company's stock worth $58,000 after buying an additional 1,490 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Symbotic by 5.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 230,996 shares of the company's stock worth $5,477,000 after acquiring an additional 11,922 shares during the last quarter. M&T Bank Corp boosted its position in shares of Symbotic by 23.5% during the 4th quarter. M&T Bank Corp now owns 18,095 shares of the company's stock worth $429,000 after purchasing an additional 3,445 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Symbotic during the 4th quarter worth approximately $20,754,000. Finally, PNC Financial Services Group Inc. increased its holdings in Symbotic by 146.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,832 shares of the company's stock valued at $91,000 after purchasing an additional 2,275 shares during 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.