Symbotic (NASDAQ:SYM) Trading Down 4.7% - Should You Sell?

Key Points

• Symbotic's stock price dropped by 4.7%, trading between $47.90 and $49.18, significantly down from its previous close of $51.61.
• Analysts have mixed ratings for Symbotic, with six rating it as a Buy, while twelve have a Hold rating and two rate it Sell, resulting in a consensus price target of $43.44.
• The company reported a loss of ($0.05) EPS for the last quarter, missing estimates, despite revenue increasing by 25.9% year-over-year to $592.12 million.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price traded down 4.7% on Wednesday . The company traded as low as $47.90 and last traded at $49.18. 2,055,705 shares were traded during trading, an increase of 6% from the average session volume of 1,944,792 shares. The stock had previously closed at $51.61.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on SYM shares. Deutsche Bank Aktiengesellschaft lowered shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective for the company. in a research note on Friday, July 18th. Needham & Company LLC raised their price objective on shares of Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Arete lowered shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective for the company. in a research note on Friday, July 25th. Finally, 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 research note on Tuesday, July 8th. Six analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Symbotic has a consensus rating of "Hold" and a consensus price target of $43.44.

Symbotic Trading Down 4.7%

The firm's fifty day moving average price is $50.45 and its 200-day moving average price is $34.70. The company has a market cap of $29.04 billion, a P/E ratio of -702.47 and a beta of 2.05.

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

Insider Buying and Selling at Symbotic

In other news, Director Charles Kane sold 25,000 shares of Symbotic stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the sale, the director directly owned 79,507 shares in the company, valued at approximately $3,786,123.34. The trade was a 23.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $10,219,000.00. The disclosure for this sale can be found here. Insiders sold 481,177 shares of company stock worth $23,795,474 in the last 90 days. 0.60% of the stock is currently owned by insiders.

Institutional Trading of Symbotic

Several large investors have recently added to or reduced their stakes in SYM. Amanah Holdings Trust acquired a new stake in shares of Symbotic in the 2nd quarter valued at $19,824,000. Canada Pension Plan Investment Board acquired a new position in Symbotic in the first quarter valued at approximately $4,968,000. ARK Investment Management LLC lifted its holdings in Symbotic by 106.9% in the first quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock valued at $7,948,000 after buying an additional 203,226 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Symbotic by 16.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock valued at $27,155,000 after buying an additional 187,538 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in Symbotic in the second quarter valued at approximately $5,504,000.

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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