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

Key Points

• Symbotic's stock price fell 4.1% on Friday, trading between $50.95 and $51.21, with a significant decrease in volume compared to its average.
• Analysts have mixed ratings on Symbotic; while Arete Research upgraded it to a "strong-buy," BWS Financial maintains a "sell" rating with a $10 price target.
• The company reported revenue of $549.65 million for the quarter, exceeding analysts' expectations, despite posting a loss of ($0.04) earnings per share.
• Insider trading activity shows significant stock sales, with CFO Carol J. Hibbard and Director Daniela L. Rus both reducing their stakes in the company.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares fell 4.1% on Friday . The stock traded as low as $50.95 and last traded at $51.21. 527,380 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 1,908,618 shares. The stock had previously closed at $53.42.

Analysts Set New Price Targets

Several research firms have recently weighed in on SYM. Oppenheimer reaffirmed an "outperform" rating and issued a $54.00 target price (up previously from $35.00) on shares of Symbotic in a report on Wednesday, July 16th. The Goldman Sachs Group lowered their target price on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Arete lowered shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price on the stock. in a report on Friday. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft lowered shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 target price on the stock. in a report on Friday, July 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $39.94.

Symbotic Stock Performance

The company has a market capitalization of $31.24 billion, a price-to-earnings ratio of -1,324.75, a P/E/G ratio of 55.65 and a beta of 2.03. The business's 50-day simple moving average is $37.82 and its 200-day simple moving average is $28.90.

Symbotic (NASDAQ:SYM - Get Free Report) last released its earnings results 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). Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The business had revenue of $549.65 million for the quarter, compared to analyst estimates of $522.36 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The business's revenue for the quarter was up 39.7% on a year-over-year basis. On average, analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, Director Todd Krasnow sold 5,940 shares of the company's stock in a transaction dated 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 filing with the SEC, which is available through this hyperlink. Also, insider William M. Boyd III sold 25,000 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $49.00, for a total transaction of $1,225,000.00. Following the transaction, the insider owned 34,544 shares in the company, valued at approximately $1,692,656. The trade was a 41.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,871 shares of company stock valued at $2,791,800. 0.60% of the stock is currently owned by company insiders.

Institutional Trading of Symbotic

A number of hedge funds have recently modified their holdings of SYM. HighTower Advisors LLC raised its position in shares of Symbotic by 13.0% in the 4th quarter. HighTower Advisors LLC now owns 26,371 shares of the company's stock valued at $625,000 after acquiring an additional 3,033 shares during the period. Swiss National Bank raised its holdings in Symbotic by 2.4% during the 4th quarter. Swiss National Bank now owns 81,700 shares of the company's stock worth $1,937,000 after buying an additional 1,900 shares during the period. Commonwealth Equity Services LLC raised its holdings in Symbotic by 1.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 48,672 shares of the company's stock worth $1,154,000 after buying an additional 619 shares during the period. Sei Investments Co. acquired a new stake in Symbotic during the 4th quarter worth approximately $1,383,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Symbotic during the 4th quarter worth approximately $194,000.

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.