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

Key Points

• Symbotic Inc.'s stock fell by 5.1% during trading, with shares closing at $68.52, a significant drop from $72.19.
• Analyst sentiment is mixed, with Deutsche Bank downgrading the stock to "hold," while Needham & Company raised its price target and maintained a "buy" rating.
• The company reported earnings of ($0.05) per share, missing estimates but achieving revenue growth of 25.9% year-over-year, totaling $592.12 million.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) dropped 5.1% during trading on Friday . The stock traded as low as $65.92 and last traded at $68.52. Approximately 1,887,745 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 1,989,675 shares. The stock had previously closed at $72.19.

Analyst Ratings Changes

Several brokerages have commented on SYM. Deutsche Bank Aktiengesellschaft downgraded Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price target on the stock. in a report on Friday, July 18th. Zacks Research upgraded Symbotic from a "strong sell" rating to a "hold" rating in a report on Wednesday, October 1st. Wall Street Zen upgraded Symbotic from a "sell" rating to a "hold" rating in a report on Saturday, October 11th. Baird R W downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Finally, Needham & Company LLC increased their price target on Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Seven investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Symbotic currently has a consensus rating of "Hold" and a consensus price target of $44.61.

Symbotic Price Performance

The firm's 50 day moving average price is $54.28 and its 200-day moving average price is $40.62. The firm has a market cap of $40.46 billion, a price-to-earnings ratio of -978.72, a P/E/G ratio of 14.60 and a beta of 2.06.

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

Insiders Place Their Bets

In other news, insider William M. Boyd III sold 2,455 shares of the firm'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 owned 29,429 shares in the company, valued at approximately $1,488,518.82. This trade represents a 7.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 4,000 shares of the firm's stock in a transaction on Monday, October 6th. The stock was sold at an average price of $67.02, for a total transaction of $268,080.00. The disclosure for this sale can be found here. Insiders have sold a total of 474,666 shares of company stock valued at $23,978,967 in the last 90 days. 0.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

Institutional investors and hedge funds have recently bought and sold shares of the business. IAG Wealth Partners LLC bought a new stake in Symbotic in the 2nd quarter valued at $32,000. AdvisorNet Financial Inc bought a new stake in Symbotic in the 2nd quarter valued at $32,000. Gables Capital Management Inc. bought a new stake in Symbotic in the 2nd quarter valued at $39,000. NewEdge Advisors LLC increased its holdings in Symbotic by 81.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock valued at $50,000 after buying an additional 573 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Symbotic by 1,812.2% in the 1st 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 during the period.

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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