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

Key Points

• Symbotic's share price experienced a significant drop, opening at $58.30 after closing at $60.73, and last traded at $56.52 with a trading volume of 756,699 shares.
• Analysts are divided on Symbotic's outlook, with ratings ranging from "buy" and "hold" to "strong sell," resulting in a consensus target price of $43.75.
• The company reported negative earnings per share of ($0.05) for its latest quarter, missing expectations, despite a 25.9% increase in revenue year-over-year.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $60.73, but opened at $58.30. Symbotic shares last traded at $56.52, with a volume of 756,699 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Robert W. Baird cut shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price objective for the company. in a research note on Thursday, August 7th. Deutsche Bank Aktiengesellschaft cut shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 target price for the company. in a research note on Friday, July 18th. Wall Street Zen upgraded shares of Symbotic from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Zacks Research cut shares of Symbotic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Finally, Northland Securities upped their target price on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Six research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $43.75.

Symbotic Trading Down 9.4%

The company's fifty day moving average price is $51.02 and its two-hundred day moving average price is $35.70. The firm has a market cap of $32.48 billion, a P/E ratio of -785.00 and a beta of 2.05.

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

Insiders Place Their Bets

In other Symbotic news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $46.45, for a total transaction of $10,219,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Todd Krasnow sold 4,000 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $45.64, for a total transaction of $182,560.00. The disclosure for this sale can be found here. Insiders have sold 483,032 shares of company stock worth $23,897,448 in the last quarter. 0.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Private Trust Co. NA grew its stake in shares of Symbotic by 10.0% in the second quarter. Private Trust Co. NA now owns 2,200 shares of the company's stock valued at $85,000 after buying an additional 200 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of Symbotic by 24.0% in the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock valued at $69,000 after buying an additional 342 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Symbotic by 7.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,354 shares of the company's stock valued at $247,000 after buying an additional 422 shares in the last quarter. Main Management ETF Advisors LLC grew its stake in shares of Symbotic by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 29,320 shares of the company's stock valued at $1,139,000 after buying an additional 480 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Symbotic by 81.5% in the second quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock valued at $50,000 after buying an additional 573 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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