Symbotic (NASDAQ:SYM) Stock Price Down 3.5% - Here's What Happened

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) were down 3.5% during mid-day trading on Tuesday . The stock traded as low as $46.70 and last traded at $47.94. Approximately 957,585 shares traded hands during trading, a decline of 54% from the average daily volume of 2,096,074 shares. The stock had previously closed at $49.68.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Arete began coverage on shares of Symbotic in a report on Wednesday, June 25th. They set a "buy" rating and a $50.00 price target for the company. BWS Financial reaffirmed a "sell" rating and issued a $10.00 price objective on shares of Symbotic in a research note on Wednesday, April 2nd. Oppenheimer reissued an "outperform" rating and set a $54.00 target price (up from $35.00) on shares of Symbotic in a research note on Wednesday, July 16th. Deutsche Bank Aktiengesellschaft lowered shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 target price on the stock. in a research note on Friday, July 18th. Finally, Citigroup reissued a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $39.94.

Symbotic Trading Up 0.3%

The firm has a market capitalization of $31.98 billion, a price-to-earnings ratio of -1,352.48, a price-to-earnings-growth ratio of 51.46 and a beta of 2.03. The firm has a 50 day moving average price of $36.78 and a two-hundred day moving average price of $28.53.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.09). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The business had revenue of $549.65 million for the quarter, compared to analysts' expectations of $522.36 million. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. Symbotic's revenue for the quarter was up 39.7% compared to the same quarter last year. As a group, research analysts forecast 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 5,940 shares of Symbotic stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $26.38, for a total value of $156,697.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Carol J. Hibbard sold 4,628 shares of Symbotic stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $22.62, for a total value of $104,685.36. Following the completion of the sale, the chief financial officer directly owned 54,011 shares in the company, valued at approximately $1,221,728.82. This represents a 7.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 75,393 shares of company stock worth $2,765,639. Insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SYM. Charles Schwab Investment Management Inc. lifted its position in shares of Symbotic by 5.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 230,996 shares of the company's stock worth $5,477,000 after buying an additional 11,922 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Symbotic by 146.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,832 shares of the company's stock worth $91,000 after purchasing an additional 2,275 shares during the last quarter. HighTower Advisors LLC raised its position in shares of Symbotic by 13.0% during the 4th quarter. HighTower Advisors LLC now owns 26,371 shares of the company's stock valued at $625,000 after purchasing an additional 3,033 shares during the period. Swiss National Bank boosted its stake in shares of Symbotic by 2.4% during the 4th quarter. Swiss National Bank now owns 81,700 shares of the company's stock worth $1,937,000 after purchasing an additional 1,900 shares during the period. Finally, Commonwealth Equity Services LLC raised its stake in shares of Symbotic by 1.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 48,672 shares of the company's stock worth $1,154,000 after acquiring an additional 619 shares in 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.