Symbotic (NASDAQ:SYM) Trading Down 7.8% - Should You Sell?

Key Points

• Symbotic Inc. experienced a significant drop of 7.8% in its share price, closing at $64.44 after reaching a low of $61.50.
• The stock has received mixed ratings from analysts, with a consensus rating of "Hold" and a target price averaging $44.61.
• Despite a 25.9% year-over-year revenue increase to $592.12 million, the company reported a loss per share of ($0.05) for the latest quarter.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price dropped 7.8% during trading on Wednesday . The stock traded as low as $61.50 and last traded at $64.44. Approximately 2,040,646 shares were traded during mid-day trading, an increase of 3% from the average daily volume of 1,980,414 shares. The stock had previously closed at $69.89.

Analyst Upgrades and Downgrades

SYM has been the topic of several recent research reports. Northcoast Research set a $65.00 price objective on Symbotic and gave the stock a "buy" rating in a research report on Thursday, October 2nd. Zacks Research upgraded Symbotic from a "strong sell" rating to a "hold" rating in a research report on Wednesday, October 1st. Robert W. Baird lowered Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price objective on the stock. in a research report on Thursday, August 7th. Wall Street Zen raised Symbotic from a "sell" rating to a "hold" rating in a research note on Saturday, October 11th. Finally, Needham & Company LLC upped their target price on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Seven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Symbotic has a consensus rating of "Hold" and a consensus target price of $44.61.

Symbotic Stock Performance

The company has a 50 day moving average price of $55.29 and a two-hundred day moving average price of $41.81. The firm has a market capitalization of $38.05 billion, a price-to-earnings ratio of -920.44, a P/E/G ratio of 11.87 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $533.55 million. During the same period in the prior year, the company posted ($0.02) earnings per share. The firm's revenue for the quarter was up 25.9% compared to the same quarter last year. On average, equities analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Symbotic

In related news, Director Todd Krasnow sold 30,000 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total value of $1,546,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles Kane sold 25,000 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total value of $1,190,500.00. Following the completion of the transaction, the director directly owned 79,507 shares of the company's stock, valued at approximately $3,786,123.34. This represents a 23.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 490,348 shares of company stock worth $25,157,458 in the last quarter. 0.60% of the stock is owned by insiders.

Institutional Trading of Symbotic

Large investors have recently added to or reduced their stakes in the stock. Amanah Holdings Trust purchased a new stake in Symbotic in the 2nd quarter valued at $19,824,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Symbotic by 21.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock valued at $348,000 after buying an additional 3,024 shares in the last quarter. Amundi grew its holdings in Symbotic by 53.0% in the 1st quarter. Amundi now owns 72,192 shares of the company's stock valued at $1,459,000 after buying an additional 24,993 shares in the last quarter. ARK Investment Management LLC grew its holdings in Symbotic by 13.3% in the 2nd quarter. ARK Investment Management LLC now owns 445,498 shares of the company's stock valued at $17,308,000 after buying an additional 52,205 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Symbotic by 35.7% in the 1st quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company's stock valued at $1,224,000 after buying an additional 15,947 shares in the last quarter.

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.

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