Symbotic (NASDAQ:SYM) Stock Price Down 5.3% - Time to Sell?

Key Points

• Symbotic's stock price fell by 5.3%, closing at $48.41, amid a significant decline in trading volume of 70% from the average.
• Several analysts downgraded Symbotic's stock rating, with most ratings now at "Hold" and a general target price averaging around $42.69.
• Despite reporting a revenue increase of 25.9% year-over-year, Symbotic missed earnings estimates, reporting a loss of ($0.05) per share this quarter.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) were down 5.3% during mid-day trading on Tuesday . The company traded as low as $48.75 and last traded at $48.41. Approximately 599,788 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 1,977,792 shares. The stock had previously closed at $51.10.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SYM. Arete downgraded Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price on the stock. in a research report on Friday, July 25th. Robert W. Baird downgraded Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price objective on the stock. in a research report on Thursday, August 7th. Zacks Research downgraded Symbotic from a "hold" rating to a "strong sell" rating in a research report on Friday. Deutsche Bank Aktiengesellschaft downgraded Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective on the stock. in a research report on Friday, July 18th. Finally, Oppenheimer boosted their price objective on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Seven research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $42.69.

Symbotic Trading Down 7.6%

The firm has a 50-day simple moving average of $45.84 and a two-hundred day simple moving average of $31.71. The company has a market capitalization of $27.89 billion, a price-to-earnings ratio of -673.88 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly 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). The company had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.Symbotic's revenue for the quarter was up 25.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.02) earnings per share. Equities research analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Activity

In other news, Director Rollin L. Ford sold 90,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the sale, the director directly owned 14,507 shares in the company, valued at $748,125.99. This trade represents a 86.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd Krasnow sold 30,000 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $51.54, for a total value of $1,546,200.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 243,241 shares of company stock worth $12,495,032. 0.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SYM. GAMMA Investing LLC lifted its stake in 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 purchasing an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC purchased a new position in Symbotic in the 1st quarter worth approximately $31,000. AdvisorNet Financial Inc purchased a new position in Symbotic in the 2nd quarter worth approximately $32,000. IAG Wealth Partners LLC purchased a new position in Symbotic in the 2nd quarter worth approximately $32,000. Finally, Gables Capital Management Inc. purchased a new position in Symbotic in the 2nd quarter worth 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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