Symbotic (NASDAQ:SYM) Stock Price Down 4.6% - Time to Sell?

Key Points

• Symbotic shares fell 4.6% to $63.11 on Wednesday on slightly below‑average volume, trading near the 50‑day moving average of $62.89 (well above the 200‑day at $47.72).
• Wall Street's consensus rating is Hold with a consensus price target of $44.61, materially below the current share price and reflecting mixed analyst views.
• Insiders have sold 313,494 shares (~$16.18M) in the past 90 days (insiders own 0.60%), and the company remains unprofitable with a price‑to‑earnings ratio of -901.44 despite a market cap of $37.27 billion.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) dropped 4.6% on Wednesday . The stock traded as low as $61.34 and last traded at $63.11. Approximately 1,841,101 shares changed hands during trading, a decline of 7% from the average daily volume of 1,989,268 shares. The stock had previously closed at $66.18.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on SYM shares. Barclays initiated coverage on shares of Symbotic in a research report on Tuesday, October 7th. They issued an "underweight" rating and a $38.00 price objective for the company. Arete cut Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective on the stock. in a research note on Friday, July 25th. Arete Research lowered Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Oppenheimer raised their price target on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Finally, UBS Group reissued a "sell" rating and set a $35.00 price objective (up from $27.00) on shares of Symbotic in a research note on Tuesday, September 23rd. Seven analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $44.61.

Symbotic Price Performance

The company has a market cap of $37.27 billion, a PE ratio of -901.44, a price-to-earnings-growth ratio of 11.91 and a beta of 2.10. The company has a 50-day moving average of $62.89 and a 200 day moving average of $47.72.

Insider Activity

In other Symbotic news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 4,000 shares of Symbotic stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $45.64, for a total transaction of $182,560.00. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 313,494 shares of company stock worth $16,178,374. Insiders own 0.60% of the company's stock.

Institutional Trading of Symbotic

Hedge funds have recently made changes to their positions in the company. Amanah Holdings Trust bought a new stake in Symbotic in the second quarter worth approximately $19,824,000. Amundi grew its holdings in Symbotic by 53.0% during the first 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. ARK Investment Management LLC grew its holdings in Symbotic by 13.3% during the second quarter. ARK Investment Management LLC now owns 445,498 shares of the company's stock valued at $17,308,000 after purchasing an additional 52,205 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Symbotic by 35.7% in the first 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 period. Finally, Freemont Management S.A. acquired a new stake in shares of Symbotic in the first quarter worth $1,479,000.

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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