Symbotic (NASDAQ:SYM) Stock Price Down 7.6% - Here's What Happened

Key Points

• Symbotic Inc.'s stock price declined by 7.6% to $75.60 from a previous close of $81.83, with trading volume also decreasing by 2% from average levels.
• Several analysts have provided mixed ratings, with UBS Group maintaining a sell rating and a target of $35.00, while Needham & Company upgraded its rating to buy with a target of $57.00.
• The company's recent earnings report showed a loss per share of ($0.05), missing expectations, despite a 25.9% year-over-year revenue increase to $592.12 million.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price fell 7.6% on Tuesday . The stock traded as low as $72.88 and last traded at $75.60. 1,961,099 shares changed hands during trading, a decline of 2% from the average session volume of 1,999,050 shares. The stock had previously closed at $81.83.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SYM. UBS Group reaffirmed a "sell" rating and set a $35.00 price target (up previously from $27.00) on shares of Symbotic in a research report on Tuesday, September 23rd. Oppenheimer boosted their price target on Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Citigroup reaffirmed a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. Robert W. Baird downgraded Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price for the company. in a research note on Thursday, August 7th. Finally, Needham & Company LLC lifted their target price on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $44.61.

Symbotic Trading Down 7.6%

The company has a 50 day moving average price of $59.63 and a 200 day moving average price of $45.46. The company has a market capitalization of $44.64 billion, a P/E ratio of -1,079.85, a P/E/G ratio of 13.63 and a beta of 2.10.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly 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). The firm had revenue of $592.12 million during the quarter, compared to the consensus estimate of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The business's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.02) earnings per share. As a group, sell-side analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Maria G. Freve sold 662 shares of the business's stock in a transaction on Tuesday, October 28th. The stock was sold at an average price of $70.95, for a total value of $46,968.90. Following the completion of the sale, the insider directly owned 1,312 shares in the company, valued at $93,086.40. The trade was a 33.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William M. Boyd III sold 2,660 shares of the business's stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $75.08, for a total value of $199,712.80. Following the completion of the sale, the insider owned 26,769 shares of the company's stock, valued at $2,009,816.52. This trade represents a 9.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 432,759 shares of company stock worth $21,910,798 over the last three months. 0.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Symbotic

A number of institutional investors have recently modified their holdings of SYM. Allspring Global Investments Holdings LLC bought a new stake in shares of Symbotic during the 3rd quarter valued at $34,296,000. Amanah Holdings Trust acquired a new position in shares of Symbotic during the 2nd quarter worth $19,824,000. Canada Pension Plan Investment Board acquired a new position in shares of Symbotic during the 1st quarter worth $4,968,000. ARK Investment Management LLC raised its holdings in shares of Symbotic by 106.9% during the 1st quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock worth $7,948,000 after buying an additional 203,226 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Symbotic by 16.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock worth $27,155,000 after buying an additional 187,538 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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