Symbotic (NASDAQ:SYM) Stock Price Down 10.7% - Here's What Happened

Key Points

• Symbotic Inc.'s stock price dropped by 10.7%, trading as low as $53.68 from a previous close of $60.73.
• Equities analysts have mixed ratings, with six ratings as "buy," eleven as "hold," and three as "sell," and a target price range varying from $32.00 to $57.00.
• Despite the recent decline, the company reported a 25.9% year-over-year revenue increase of $592.12 million during its last earnings announcement, though it missed EPS expectations.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) were down 10.7% during mid-day trading on Tuesday . The company traded as low as $53.68 and last traded at $54.22. Approximately 4,311,474 shares changed hands during trading, an increase of 117% from the average daily volume of 1,982,630 shares. The stock had previously closed at $60.73.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SYM shares. Needham & Company LLC increased their target price on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Northland Securities increased their target price on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Baird R W cut Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. DA Davidson reiterated a "neutral" rating and set a $47.00 target price (up previously from $35.00) on shares of Symbotic in a report on Monday, August 25th. Finally, UBS Group reiterated a "sell" rating and set a $35.00 target price (up previously from $27.00) on shares of Symbotic in a report on Tuesday. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $43.75.

Symbotic Trading Down 10.7%

The firm has a market capitalization of $32.02 billion, a price-to-earnings ratio of -774.46 and a beta of 2.05. The company's 50 day moving average is $51.02 and its 200-day moving average is $35.70.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. During the same quarter last year, the business posted ($0.02) earnings per share. The company's revenue for the quarter was up 25.9% on a year-over-year basis. Research analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Activity

In other news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the firm's stock in a transaction that occurred on 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 legal filing with the SEC, which can be accessed through this link. Also, insider Maria G. Freve sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $51.93, for a total transaction of $103,860.00. Following the transaction, the insider directly owned 1,312 shares in the company, valued at $68,132.16. This represents a 60.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 483,032 shares of company stock valued at $23,897,448. Company insiders own 0.60% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SYM. Cetera Investment Advisers grew its stake in 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 buying an additional 1,332 shares in the last quarter. Two Sigma Investments LP boosted its position in shares of Symbotic by 26.2% during the 4th quarter. Two Sigma Investments LP now owns 321,622 shares of the company's stock worth $7,626,000 after acquiring an additional 66,755 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Symbotic by 26.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 73,801 shares of the company's stock valued at $1,750,000 after acquiring an additional 15,394 shares during the last quarter. Capital Market Strategies LLC raised its position in Symbotic by 42.5% during the first quarter. Capital Market Strategies LLC now owns 48,162 shares of the company's stock valued at $973,000 after purchasing an additional 14,357 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of 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 purchasing an additional 1,341 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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