Symbotic (NASDAQ:SYM) Shares Down 5.1% - Here's What Happened

Key Points

• Symbotic Inc. (NASDAQ:SYM) shares fell by 5.1% to $63.73, with trading volume decreasing by 10% compared to the average session.
• Analysts have varied ratings on Symbotic, with the stock currently having an average rating of "Hold" and a consensus target price of $44.61.
• The company reported quarterly earnings of ($0.05) per share, missing expectations, although revenue increased by 25.9% year-over-year to $592.12 million.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares traded down 5.1% during trading on Friday . The stock traded as low as $63.50 and last traded at $63.73. 1,773,429 shares traded hands during trading, a decline of 10% from the average session volume of 1,976,859 shares. The stock had previously closed at $67.14.

Analysts Set New Price Targets

SYM has been the topic of several recent analyst reports. Needham & Company LLC lifted their price target on Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Northland Securities lifted their price objective on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Wall Street Zen downgraded Symbotic from a "hold" rating to a "sell" rating in a report on Friday, September 26th. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, Northcoast Research set a $65.00 price target on Symbotic and gave the stock a "buy" rating in a report on Thursday, October 2nd. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $44.61.

Symbotic Trading Down 5.1%

The stock has a fifty day simple moving average of $52.93 and a two-hundred day simple moving average of $38.91. The firm has a market cap of $37.63 billion, a PE ratio of -910.28, a price-to-earnings-growth ratio of 13.34 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. During the same period in the previous year, the business earned ($0.02) EPS. The business's revenue was up 25.9% on a year-over-year basis. As a group, sell-side analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, Director Charles Kane sold 25,000 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total value 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Rollin L. Ford sold 90,000 shares of Symbotic stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the sale, the director directly owned 14,507 shares in the company, valued at $748,125.99. The trade was a 86.12% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 455,326 shares of company stock worth $22,622,014. 0.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amanah Holdings Trust purchased a new position in shares of Symbotic in the 2nd quarter worth about $19,824,000. Canada Pension Plan Investment Board purchased a new stake in Symbotic during the 1st quarter valued at about $4,968,000. ARK Investment Management LLC increased its stake in Symbotic by 106.9% during the 1st quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock valued at $7,948,000 after purchasing an additional 203,226 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Symbotic by 16.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock worth $27,155,000 after buying an additional 187,538 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in shares of Symbotic in the second quarter worth approximately $5,504,000.

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.

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