Symbotic (NASDAQ:SYM) Shares Gap Down After Earnings Miss

Key Points

• Symbotic Inc. shares gapped down to $50.03 after reporting an earnings miss, with a quarterly EPS of ($0.05) compared to analysts' estimates of $0.03.
• The company achieved a 25.9% increase in revenue year-over-year, reporting $592.12 million during the quarter, surpassing expectations of $533.55 million.
• Analyst ratings show a mixed outlook for Symbotic, with one sell rating, ten hold ratings, and seven buy ratings, and an average target price of $41.13.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $62.90, but opened at $50.03. Symbotic shares last traded at $53.37, with a volume of 2,401,934 shares trading hands.

The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The business had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. During the same period in the prior year, the firm posted ($0.02) EPS. Symbotic's revenue was up 25.9% on a year-over-year basis.

Wall Street Analyst Weigh In

SYM has been the subject of a number of analyst reports. Northland Securities lifted their target price on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Oppenheimer boosted their price target on shares of Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a report on Thursday. Deutsche Bank Aktiengesellschaft lowered shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price target for the company. in a report on Friday, July 18th. Arete Research cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Finally, Citigroup reaffirmed a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $41.13.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $55.15, for a total value of $220,600.00. Following the transaction, the director directly owned 189,036 shares of the company's stock, valued at $10,425,335.40. This represents a 2.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniela L. Rus sold 1,000 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $48.33, for a total transaction of $48,330.00. Following the completion of the transaction, the director directly owned 22,729 shares in the company, valued at approximately $1,098,492.57. This represents a 4.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 81,536 shares of company stock worth $3,590,569 in the last 90 days. 0.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised 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 acquiring an additional 1,341 shares during the period. Ulland Investment Advisors LLC acquired a new position in shares of Symbotic during the 1st quarter worth approximately $31,000. AdvisorNet Financial Inc acquired a new position in shares of Symbotic during the 2nd quarter worth approximately $32,000. Gables Capital Management Inc. acquired a new position in shares of Symbotic during the 2nd quarter worth approximately $39,000. Finally, CWM LLC grew its position in shares of Symbotic by 408.2% during the 1st quarter. CWM LLC now owns 2,602 shares of the company's stock worth $53,000 after purchasing an additional 2,090 shares in the last quarter.

Symbotic Trading Down 16.2%

The stock's 50-day simple moving average is $41.42 and its 200-day simple moving average is $30.25. The stock has a market cap of $31.08 billion, a price-to-earnings ratio of -1,322.38, a price-to-earnings-growth ratio of 65.84 and a beta of 2.06.

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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