Symbotic (NASDAQ:SYM) Trading Down 4.1% - Here's What Happened

Key Points

• Symbotic Inc. (NASDAQ:SYM) experienced a 4.1% decline in its share price during recent trading, falling from a previous close of $67.86 to $65.10.
• Several research firms have adjusted their ratings on Symbotic, with Oppenheimer upgrading its price target to $59.00 and Baird downgrading it to a "hold" rating.
• The company reported a revenue increase of 25.9% year-over-year, although it missed earnings expectations by reporting ($0.05) per share.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price fell 4.1% during trading on Friday . The company traded as low as $64.46 and last traded at $65.10. 1,908,229 shares were traded during trading, a decline of 4% from the average session volume of 1,977,710 shares. The stock had previously closed at $67.86.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SYM. Oppenheimer lifted their price objective on Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Baird R W cut Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. DA Davidson reiterated a "neutral" rating and set a $47.00 price objective (up previously from $35.00) on shares of Symbotic in a research report on Monday, August 25th. Weiss Ratings restated a "hold (c-)" rating on shares of Symbotic in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Symbotic from a "sell" rating to a "hold" rating in a report on Saturday, October 11th. Seven investment 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 company has an average rating of "Hold" and an average target price of $44.61.

Symbotic Stock Performance

The company has a market cap of $38.44 billion, a PE ratio of -929.87, a PEG ratio of 10.85 and a beta of 2.06. The firm has a fifty day simple moving average of $55.81 and a 200 day simple moving average of $42.30.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $592.12 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.02) earnings per share. As a group, equities analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Charles Kane sold 25,000 shares of Symbotic stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total value of $1,190,500.00. Following the transaction, the director directly owned 79,507 shares of the company's stock, valued at $3,786,123.34. The trade was a 23.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of Symbotic stock in a transaction dated Friday, August 22nd. The shares were 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. Over the last ninety days, insiders sold 490,348 shares of company stock worth $25,157,458. 0.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently modified their holdings of the company. Private Trust Co. NA lifted its position in Symbotic by 10.0% during the 2nd quarter. Private Trust Co. NA now owns 2,200 shares of the company's stock worth $85,000 after acquiring an additional 200 shares in the last quarter. Bouvel Investment Partners LLC lifted its position in Symbotic by 0.8% during the 3rd quarter. Bouvel Investment Partners LLC now owns 44,479 shares of the company's stock worth $2,397,000 after acquiring an additional 336 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Symbotic by 24.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock worth $69,000 after acquiring an additional 342 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Symbotic by 7.1% during the 2nd quarter. PNC Financial Services Group Inc. now owns 6,354 shares of the company's stock worth $247,000 after acquiring an additional 422 shares in the last quarter. Finally, Main Management ETF Advisors LLC lifted its position in Symbotic by 1.7% during the 2nd quarter. Main Management ETF Advisors LLC now owns 29,320 shares of the company's stock worth $1,139,000 after acquiring an additional 480 shares in the last quarter.

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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