Symbotic (NASDAQ:SYM) Shares Down 4.2% - What's Next?

Key Points

• Symbotic Inc. shares dropped 4.2% on Thursday, trading at $72.19 after closing at $75.36, with trading volume significantly higher than average.
• Research firms have mixed ratings on Symbotic, with significant upgrades and downgrades; Needham & Company upgraded its price target to $57 while Arete Research downgraded it to a "hold."
• The company reported a quarterly revenue increase of 25.9% year-over-year, but missed EPS estimates, indicating challenges as they posted a negative net margin of 0.38%.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) fell 4.2% during mid-day trading on Thursday . The company traded as low as $71.35 and last traded at $72.19. 3,049,068 shares traded hands during trading, an increase of 53% from the average session volume of 1,990,122 shares. The stock had previously closed at $75.36.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SYM. Arete Research cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Needham & Company LLC upped their price target on shares of Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Baird R W cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Zacks Research upgraded shares of Symbotic from a "strong sell" rating to a "hold" rating in a research report on Wednesday, October 1st. Finally, Northcoast Research set a $65.00 price target on shares of Symbotic and gave the company a "buy" rating in a research report on Thursday, October 2nd. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Symbotic has an average rating of "Hold" and a consensus target price of $44.61.

Symbotic Stock Performance

The stock's 50 day moving average price is $53.92 and its 200 day moving average price is $40.26. The company has a market capitalization of $42.63 billion, a P/E ratio of -1,031.14, a price-to-earnings-growth ratio of 14.27 and a beta of 2.06.

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

Insider Buying and Selling

In other news, insider William M. Boyd III sold 2,455 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $50.58, for a total value of $124,173.90. Following the sale, the insider directly owned 29,429 shares of the company's stock, valued at approximately $1,488,518.82. This represents a 7.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $46.45, for a total transaction of $10,219,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 474,666 shares of company stock worth $23,978,967. Corporate insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Private Trust Co. NA boosted its stake in Symbotic by 138.6% during the third quarter. Private Trust Co. NA now owns 5,250 shares of the company's stock worth $283,000 after acquiring an additional 3,050 shares in the last quarter. Green Alpha Advisors LLC bought a new position in Symbotic during the third quarter worth $557,000. Farther Finance Advisors LLC boosted its stake in Symbotic by 53.2% during the third quarter. Farther Finance Advisors LLC now owns 2,704 shares of the company's stock worth $146,000 after acquiring an additional 939 shares in the last quarter. RDA Financial Network bought a new position in Symbotic during the third quarter worth $311,000. Finally, Carr Financial Group Corp bought a new position in Symbotic during the third quarter worth $248,000.

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.

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