Symbotic (NASDAQ:SYM) Trading Down 3.7% - What's Next?

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price dropped 3.7% during mid-day trading on Monday . The company traded as low as $44.57 and last traded at $46.14. Approximately 1,775,044 shares changed hands during mid-day trading, a decline of 13% from the average daily volume of 2,033,635 shares. The stock had previously closed at $47.91.

Analyst Ratings Changes

A number of research firms have issued reports on SYM. Arete Research raised shares of Symbotic to a "strong-buy" rating and set a $50.00 target price for the company in a research note on Wednesday, June 25th. Citigroup dropped their target price on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Arete assumed coverage on shares of Symbotic in a research report on Wednesday, June 25th. They issued a "buy" rating and a $50.00 target price on the stock. BWS Financial reissued a "sell" rating and issued a $10.00 target price on shares of Symbotic in a research report on Wednesday, April 2nd. Finally, The Goldman Sachs Group lowered their price objective on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Symbotic presently has a consensus rating of "Moderate Buy" and a consensus target price of $38.71.

Symbotic Stock Down 1.3%

The stock has a market capitalization of $27.88 billion, a price-to-earnings ratio of -1,182.00, a P/E/G ratio of 79.85 and a beta of 2.03. The business's 50 day simple moving average is $30.03 and its 200-day simple moving average is $26.30.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The business had revenue of $549.65 million during the quarter, compared to the consensus estimate of $522.36 million. Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The firm's quarterly revenue was up 39.7% compared to the same quarter last year. During the same quarter last year, the business earned ($0.07) EPS. On average, analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Activity

In other Symbotic news, Director Todd Krasnow sold 5,940 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $26.38, for a total transaction of $156,697.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William M. Boyd III sold 11,735 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $21.95, for a total transaction of $257,583.25. Following the sale, the insider directly owned 36,999 shares of the company's stock, valued at approximately $812,128.05. This trade represents a 24.08% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,616 shares of company stock worth $1,140,517. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

A number of hedge funds have recently bought and sold shares of the company. Walmart Inc. bought a new stake in shares of Symbotic during the 4th quarter worth $355,650,000. Vanguard Group Inc. raised its stake in shares of Symbotic by 41.3% during the 4th quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock worth $117,846,000 after purchasing an additional 1,452,627 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake 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 purchasing an additional 187,538 shares during the period. Raymond James Financial Inc. raised its stake in shares of Symbotic by 12.1% during the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock worth $19,824,000 after purchasing an additional 105,616 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Symbotic by 25.9% during the 4th quarter. Invesco Ltd. now owns 727,890 shares of the company's stock worth $17,258,000 after purchasing an additional 149,918 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.