Symbotic (NASDAQ:SYM) Stock Price Down 3% - Here's What Happened

Key Points

• Symbotic Inc. (NASDAQ:SYM) experienced a 3% decline in stock price, trading last at $47.88, down from a previous close of $49.34.
• Research analysts have mixed ratings on Symbotic, with six analysts maintaining a Buy rating and twelve issuing a Hold rating; the average price target is currently $43.44.
• In recent trading activity, insider transactions included a notable sale of 484,632 shares by corporate insiders valued at approximately $23.8 million over the past ninety days.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) dropped 3% during trading on Friday . The stock traded as low as $47.63 and last traded at $47.88. Approximately 269,216 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 1,970,709 shares. The stock had previously closed at $49.34.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SYM shares. DA Davidson reaffirmed a "neutral" rating and set a $47.00 price target (up previously from $35.00) on shares of Symbotic in a research report on Monday. Deutsche Bank Aktiengesellschaft lowered Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective on the stock. in a report on Friday, July 18th. Baird R W lowered Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Needham & Company LLC upped their price objective on Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Oppenheimer upped their price objective on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $43.44.

Symbotic Price Performance

The firm has a fifty day simple moving average of $48.32 and a 200-day simple moving average of $32.66. The firm has a market cap of $27.76 billion, a P/E ratio of -671.40 and a beta of 2.06.

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 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 during the quarter, compared to the consensus estimate of $533.55 million. During the same quarter in the prior year, the business earned ($0.02) EPS. The firm's revenue for the quarter was up 25.9% compared to the same quarter last year. On average, equities analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In related news, insider Maria G. Freve sold 2,000 shares of Symbotic stock in a transaction 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 sale, the insider directly owned 1,312 shares in the company, valued at approximately $68,132.16. This trade represents a 60.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of Symbotic stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $46.45, for a total value of $10,219,000.00. The disclosure for this sale can be found here. Insiders sold a total of 484,632 shares of company stock valued at $23,837,791 in the last ninety days. 0.60% of the stock is owned by corporate insiders.

Institutional Trading of Symbotic

Several institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake 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 worth $29,000 after buying an additional 1,341 shares during the last quarter. Ulland Investment Advisors LLC purchased a new stake in shares of Symbotic in the first quarter worth about $31,000. AdvisorNet Financial Inc purchased a new stake in shares of Symbotic in the second quarter worth about $32,000. IAG Wealth Partners LLC purchased a new stake in Symbotic during the second quarter valued at approximately $32,000. Finally, Gables Capital Management Inc. purchased a new stake in Symbotic during the second quarter valued at approximately $39,000.

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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