Symbotic (NASDAQ:SYM) Shares Down 6.2% - Here's Why

Key Points

• Symbotic Inc. (NASDAQ:SYM) shares dropped by 6.2%, closing at $43.92 after trading as low as $43.38, with trading volume down 44% from the average.
• Analysts have mixed sentiments, with Zacks Research reducing its rating to "strong sell" while Oppenheimer raised its price target to $59, indicating a consensus rating of "Hold."
• Despite a 25.9% year-over-year revenue increase to $592.12 million, the company missed earnings expectations, reporting a loss of $0.05 per share against a forecasted gain.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) traded down 6.2% during mid-day trading on Wednesday . The stock traded as low as $43.38 and last traded at $43.92. 1,102,049 shares traded hands during trading, a decline of 44% from the average session volume of 1,983,554 shares. The stock had previously closed at $46.80.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Zacks Research lowered shares of Symbotic from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Baird R W lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Oppenheimer lifted their price objective on shares of Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Northland Securities lifted their price objective on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of 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. Seven research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $42.69.

Symbotic Price Performance

The stock has a market capitalization of $26.22 billion, a PE ratio of -634.85 and a beta of 2.06. The business's fifty day moving average price is $46.21 and its two-hundred day moving average price is $31.81.

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

Insider Activity at Symbotic

In related news, major shareholder David A. Ladensohn sold 15,000 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $54.35, for a total transaction of $815,250.00. Following the completion of the transaction, the insider directly owned 10,000 shares in the company, valued at $543,500. The trade was a 60.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniela L. Rus sold 11,705 shares of the business's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $59.00, for a total transaction of $690,595.00. Following the transaction, the director owned 11,024 shares of the company's stock, valued at $650,416. This represents a 51.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 243,241 shares of company stock valued at $12,495,032 over the last ninety days. Corporate insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Symbotic by 21.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock worth $348,000 after acquiring an additional 3,024 shares during the period. Bank of New York Mellon Corp raised its position in shares of Symbotic by 35.7% in the first quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company's stock worth $1,224,000 after acquiring an additional 15,947 shares during the period. Freemont Management S.A. acquired a new position in shares of Symbotic in the first quarter worth about $1,479,000. ARK Investment Management LLC increased its stake in shares of Symbotic by 106.9% during the first quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock worth $7,948,000 after purchasing an additional 203,226 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in shares of Symbotic by 5.7% during the fourth quarter. Cetera Investment Advisers now owns 24,621 shares of the company's stock worth $584,000 after purchasing an additional 1,332 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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