Symbotic (NASDAQ:SYM) Shares Down 2.7% - What's Next?

Key Points

• Symbotic Inc. shares fell by 2.7% during trading, closing at $44.22, with a significant decline in trading volume compared to the average.
• A number of analysts have revised their ratings and price targets for Symbotic, with DA Davidson setting a target of $47.00 and Needham & Company raising theirs to $57.00, while the consensus rating remains "Hold."
• The company reported a loss of ($0.05) EPS for the recent quarter, missing estimates, but saw a 25.9% year-over-year increase in revenue to $592.12 million.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) was down 2.7% during trading on Thursday . The stock traded as low as $44.32 and last traded at $44.22. Approximately 301,313 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 1,959,009 shares. The stock had previously closed at $45.46.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SYM shares. Baird R W downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Oppenheimer increased their price objective on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Deutsche Bank Aktiengesellschaft downgraded Symbotic from a "buy" rating to a "hold" rating and set a $51.00 target price for the company. in a research note on Friday, July 18th. Needham & Company LLC lifted their price target on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Wall Street Zen lowered Symbotic from a "hold" rating to a "sell" rating in a report on Saturday, August 30th. Six investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Symbotic currently has a consensus rating of "Hold" and a consensus target price of $43.44.

Symbotic Trading Up 6.7%

The firm has a fifty day moving average price of $49.74 and a 200 day moving average price of $33.53. The firm has a market cap of $28.49 billion, a PE ratio of -689.19 and a beta of 2.05.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.08). The company had revenue of $592.12 million for the quarter, compared to analysts' expectations of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The firm's revenue was up 25.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.02) EPS. As a group, equities analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Transactions at Symbotic

In related news, Director Todd Krasnow sold 4,000 shares of the business's stock in a transaction dated Wednesday, September 3rd. The shares were sold at an average price of $45.64, for a total value of $182,560.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles Kane sold 25,000 shares of the business's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the completion of the sale, the director owned 79,507 shares in the company, valued at approximately $3,786,123.34. This trade represents a 23.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 488,632 shares of company stock worth $24,020,351 in the last 90 days. Insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in shares of Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock valued at $29,000 after buying an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC purchased a new position in Symbotic during the 1st quarter valued at about $31,000. AdvisorNet Financial Inc purchased a new position in Symbotic during the 2nd quarter valued at about $32,000. IAG Wealth Partners LLC acquired a new position in Symbotic in the 2nd quarter valued at about $32,000. Finally, Gables Capital Management Inc. purchased a new stake in Symbotic during the second quarter worth about $39,000.

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.