Symbotic (NASDAQ:SYM) Trading Down 3.1% - Should You Sell?

Key Points

• Symbotic Inc. shares fell by 3.1% to close at $45.97, with trading volume down 74% from the average.
• Analysts show mixed sentiments: while Arete downgraded the stock to "neutral," Needham raised its target price to $57.00.
• Last quarter, Symbotic reported a revenue increase of 25.9% year-over-year but missed earnings expectations, reporting a loss of ($0.05) EPS.

Shares of Symbotic Inc. (NASDAQ:SYM - Get Free Report) dropped 3.1% on Tuesday . The company traded as low as $45.23 and last traded at $45.97. Approximately 516,444 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 1,966,682 shares. The stock had previously closed at $47.43.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SYM. Arete cut Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective on the stock. in a report on Friday, July 25th. DA Davidson reissued 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, August 25th. Needham & Company LLC raised their target price on shares of Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Northland Securities raised their price objective on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, Zacks Research cut shares of Symbotic from a "hold" rating to a "strong sell" rating in a report on Friday, August 15th. Six equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $43.44.

Symbotic Stock Performance

The company has a 50 day moving average of $48.88 and a 200 day moving average of $32.99. The firm has a market cap of $26.88 billion, a P/E ratio of -650.39 and a beta of 2.05.

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 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 firm had revenue of $592.12 million for the quarter, compared to the consensus estimate of $533.55 million. During the same quarter last year, the company earned ($0.02) earnings per share. The firm's revenue was up 25.9% on a year-over-year basis. As a group, analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other Symbotic news, Director Charles Kane sold 25,000 shares of the business's stock in a transaction dated 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 completion of the sale, the director directly owned 79,507 shares of the company's stock, valued at approximately $3,786,123.34. The trade was a 23.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was 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. In the last 90 days, insiders sold 484,632 shares of company stock valued at $23,837,791. Insiders own 0.60% of the company's stock.

Institutional Investors Weigh In On Symbotic

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Private Trust Co. NA grew its position in Symbotic by 10.0% in the 2nd quarter. Private Trust Co. NA now owns 2,200 shares of the company's stock worth $85,000 after purchasing an additional 200 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Symbotic by 24.0% during the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock valued at $69,000 after acquiring an additional 342 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Symbotic by 7.1% in the second quarter. PNC Financial Services Group Inc. now owns 6,354 shares of the company's stock worth $247,000 after purchasing an additional 422 shares in the last quarter. Main Management ETF Advisors LLC increased its position in shares of Symbotic by 1.7% during the second quarter. Main Management ETF Advisors LLC now owns 29,320 shares of the company's stock valued at $1,139,000 after acquiring an additional 480 shares in the last quarter. Finally, NewEdge Advisors LLC grew its position in Symbotic by 81.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock worth $50,000 after purchasing an additional 573 shares during the period.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.