Symbotic (NASDAQ:SYM) Trading Down 1.3% – Here’s Why

by · The Cerbat Gem

Symbotic Inc. (NASDAQ:SYM – Get Free Report) shares dropped 1.3% on Wednesday . The company traded as low as $59.42 and last traded at $59.50. Approximately 1,461,436 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 2,176,734 shares. The stock had previously closed at $60.27.

Analyst Ratings Changes

Several brokerages recently issued reports on SYM. Deutsche Bank Aktiengesellschaft increased their price target on Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a report on Tuesday, November 25th. Cowen restated a “buy” rating on shares of Symbotic in a research note on Wednesday, December 3rd. Citigroup raised their price objective on Symbotic from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Cantor Fitzgerald boosted their target price on shares of Symbotic from $60.00 to $82.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Finally, Wall Street Zen raised shares of Symbotic from a “sell” rating to a “hold” rating in a report on Sunday, November 30th. Six equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $56.50.

Read Our Latest Stock Report on SYM

Symbotic Stock Performance

The business’s 50 day moving average price is $65.83 and its two-hundred day moving average price is $56.51. The company has a market capitalization of $35.20 billion, a price-to-earnings ratio of -396.67, a price-to-earnings-growth ratio of 16.97 and a beta of 2.10.

Symbotic (NASDAQ:SYM – Get Free Report) last posted its quarterly earnings results on Monday, November 24th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.11). The company had revenue of $618.46 million during the quarter, compared to the consensus estimate of $604.00 million. Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. Symbotic’s quarterly revenue was up 9.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.47 EPS. On average, sell-side analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the company’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the completion of the sale, the insider directly owned 5,590,000 shares in the company, valued at $297,443,900. This represents a 38.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Merline Saintil sold 9,000 shares of the stock in a transaction on Friday, November 28th. The shares were sold at an average price of $84.72, for a total transaction of $762,480.00. Following the completion of the sale, the director directly owned 68,413 shares of the company’s stock, valued at approximately $5,795,949.36. This trade represents a 11.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,085,508 shares of company stock worth $378,798,933 in the last 90 days. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Hedge funds and other institutional investors have recently bought and sold shares of the business. MAI Capital Management increased its stake in Symbotic by 833.3% in the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after purchasing an additional 500 shares in the last quarter. Ameriflex Group Inc. grew its stake in shares of Symbotic by 1,500.0% during the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock worth $38,000 after acquiring an additional 660 shares in the last quarter. Strategic Advocates LLC acquired a new stake in Symbotic in the 3rd quarter valued at $42,000. IAG Wealth Partners LLC bought a new stake in Symbotic during the second quarter worth about $32,000. Finally, AdvisorNet Financial Inc bought a new position in Symbotic in the second quarter valued at approximately $32,000.

About Symbotic

(Get Free Report)

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.

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