Symbotic (NASDAQ:SYM) Stock Price Down 2.2% - Should You Sell?

Key Points

• Symbotic's stock price fell 2.2% to $53.02, with trading volume down 26% from the average.
• Analysts have varied opinions on the stock, with six giving a Buy rating, eleven a Hold, and three a Sell, resulting in a consensus price target of $43.75.
• Despite a quarterly revenue of $592.12 million (up 25.9% year-over-year), Symbotic reported a loss of ($0.05) EPS, missing analyst estimates.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price was down 2.2% during trading on Wednesday . The company traded as low as $52.32 and last traded at $53.02. Approximately 1,455,820 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 1,979,136 shares. The stock had previously closed at $54.22.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Northland Securities increased their price target on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Wall Street Zen raised shares of Symbotic from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. DA Davidson reissued a "neutral" rating and set a $47.00 price target (up from $35.00) on shares of Symbotic in a report on Monday, August 25th. Zacks Research cut shares of Symbotic from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Finally, Arete Research cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. 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 stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $43.75.

Symbotic Price Performance

The firm's 50-day simple moving average is $51.13 and its two-hundred day simple moving average is $35.82. The company has a market capitalization of $31.31 billion, a price-to-earnings ratio of -757.32 and a beta of 2.05.

Symbotic (NASDAQ:SYM - Get Free Report) last issued 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 company had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. During the same quarter in the previous year, the company posted ($0.02) earnings per share. The company's quarterly revenue was up 25.9% compared to the same quarter last year. On average, analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Symbotic

In other news, Director Rollin L. Ford sold 90,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the completion of the transaction, the director directly owned 14,507 shares of the company's stock, valued at $748,125.99. This trade represents a 86.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles Kane sold 25,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the transaction, the director directly owned 79,507 shares of the company's stock, valued at approximately $3,786,123.34. This trade represents a 23.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 483,032 shares of company stock worth $23,897,448. 0.60% of the stock is currently owned by insiders.

Institutional Trading of Symbotic

Hedge funds and other institutional investors have recently bought and sold shares of the company. Amanah Holdings Trust purchased a new stake in Symbotic in the 2nd quarter worth approximately $19,824,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Symbotic by 21.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock valued at $348,000 after purchasing an additional 3,024 shares during the last quarter. Amundi boosted its holdings in shares of Symbotic by 53.0% in the 1st quarter. Amundi now owns 72,192 shares of the company's stock valued at $1,459,000 after purchasing an additional 24,993 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Symbotic by 35.7% in the 1st quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company's stock valued at $1,224,000 after purchasing an additional 15,947 shares during the last quarter. Finally, Freemont Management S.A. acquired a new position in shares of Symbotic in the 1st quarter valued at $1,479,000.

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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