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

Key Points

• Shares of Symbotic Inc. gapped down from $46.80 to $45.19 at market open, closing at $44.21, as analysts adjusted ratings and price targets amidst mixed performance reports.
• The company reported a revenue increase of 25.9% year-over-year for their most recent quarter, but missed EPS estimates, posting a loss of ($0.05) compared to a projected profit of $0.03.
• Analysts have mixed views on the stock, with a consensus rating of "Hold" and a revised average target price of $42.69, alongside significant insider selling in recent months.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $46.80, but opened at $45.19. Symbotic shares last traded at $44.21, with a volume of 651,476 shares trading hands.

Analyst Upgrades and Downgrades

SYM has been the topic of a number of research analyst reports. Baird R W lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Oppenheimer upped their target price on shares of Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Needham & Company LLC increased their target price on Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Arete Research lowered Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, Robert W. Baird lowered Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price objective on the stock. in a research report on Thursday, August 7th. Seven research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Symbotic currently has a consensus rating of "Hold" and an average target price of $42.69.

Symbotic Stock Performance

The firm has a 50-day moving average of $46.21 and a 200-day moving average of $31.81. The firm has a market capitalization of $25.86 billion, a P/E ratio of -624.20 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last released 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). Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The company had revenue of $592.12 million for the quarter, compared to analysts' expectations of $533.55 million. During the same period last year, the company posted ($0.02) EPS. The business's revenue for the quarter was up 25.9% compared to the same quarter last year. Equities analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Transactions at Symbotic

In related news, Director Daniela L. Rus sold 11,705 shares of the business's stock in a transaction dated Tuesday, August 5th. The stock was 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 in the company, valued at $650,416. The trade was a 51.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William M. Boyd III sold 25,000 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $49.00, for a total value of $1,225,000.00. Following the completion of the sale, the insider owned 34,544 shares of the company's stock, valued at approximately $1,692,656. This trade represents a 41.99% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 243,241 shares of company stock valued at $12,495,032. Company insiders own 0.60% of the company's stock.

Institutional Trading of Symbotic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SYM. JPMorgan Chase & Co. raised its holdings in Symbotic by 100.6% in the 4th quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock worth $411,000 after purchasing an additional 3,110,075 shares in the last quarter. Geode Capital Management LLC raised its stake in Symbotic by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 505,114 shares of the company's stock worth $11,981,000 after buying an additional 1,356 shares in the last quarter. Natixis bought a new position in Symbotic in the fourth quarter worth about $828,000. Tower Research Capital LLC TRC lifted its holdings in Symbotic by 40.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company's stock worth $85,000 after buying an additional 1,018 shares during the period. Finally, Hsbc Holdings PLC bought a new stake in Symbotic during the 4th quarter valued at approximately $601,000.

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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