Symbotic (NASDAQ:SYM) Shares Down 6% - Here's Why

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price fell 6% during mid-day trading on Friday . The company traded as low as $33.55 and last traded at $33.56. 2,553,306 shares were traded during trading, an increase of 30% from the average session volume of 1,966,439 shares. The stock had previously closed at $35.70.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SYM shares. UBS Group decreased their price objective on Symbotic from $32.00 to $30.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. The Goldman Sachs Group decreased their price target on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. BWS Financial restated a "sell" rating and issued a $10.00 price objective on shares of Symbotic in a research note on Wednesday, April 2nd. Finally, Citigroup decreased their target price on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating for the company in a research note on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $37.20.

Symbotic Trading Down 5.6%

The stock's 50 day moving average price is $26.10 and its two-hundred day moving average price is $25.37. The firm has a market capitalization of $19.86 billion, a price-to-earnings ratio of -842.50, a PEG ratio of 59.50 and a beta of 1.95.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share 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 company had revenue of $549.65 million for the quarter, compared to analyst estimates of $522.36 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The company's quarterly revenue was up 39.7% compared to the same quarter last year. On average, sell-side analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Michael David Dunn sold 2,040 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $22.24, for a total transaction of $45,369.60. Following the sale, the insider now owns 23,822 shares in the company, valued at approximately $529,801.28. This trade represents a 7.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Carol J. Hibbard sold 4,628 shares of the business's stock in a transaction on 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 transaction, the chief financial officer now owns 54,011 shares of the company's stock, valued at $1,221,728.82. This trade represents a 7.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,056 shares of company stock valued at $1,198,707. 0.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Symbotic

Institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc boosted its holdings in Symbotic by 58.2% in the 4th quarter. IFP Advisors Inc now owns 1,368 shares of the company's stock worth $32,000 after acquiring an additional 503 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Symbotic by 1.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 48,672 shares of the company's stock valued at $1,154,000 after purchasing an additional 619 shares during the last quarter. Swiss National Bank raised its stake in shares of Symbotic by 0.9% in the 1st quarter. Swiss National Bank now owns 82,400 shares of the company's stock valued at $1,665,000 after purchasing an additional 700 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Symbotic by 4.6% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,208 shares of the company's stock worth $348,000 after purchasing an additional 757 shares during the last quarter. Finally, Spire Wealth Management grew its stake in Symbotic by 8.0% in the first quarter. Spire Wealth Management now owns 13,596 shares of the company's stock worth $275,000 after purchasing an additional 1,012 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.

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