Symbotic (NASDAQ:SYM) Trading Down 4.7% – Should You Sell?
by Mitch Edgeman · The Markets DailyShares of Symbotic Inc. (NASDAQ:SYM – Get Free Report) traded down 4.7% during mid-day trading on Wednesday . The company traded as low as $49.82 and last traded at $50.06. 1,425,915 shares traded hands during trading, a decline of 22% from the average session volume of 1,832,178 shares. The stock had previously closed at $52.51.
Analysts Set New Price Targets
A number of analysts recently weighed in on SYM shares. Wall Street Zen lowered shares of Symbotic from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Oppenheimer reiterated an “outperform” rating and issued a $83.00 price objective on shares of Symbotic in a research report on Tuesday, November 25th. Northcoast Research cut Symbotic from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 25th. UBS Group set a $70.00 target price on Symbotic in a research report on Wednesday, February 18th. Finally, Cantor Fitzgerald upped their price target on Symbotic from $60.00 to $82.00 and gave the company an “overweight” rating in a research note on Tuesday, November 25th. Six equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $60.71.
Symbotic Price Performance
The firm has a market capitalization of $30.18 billion, a P/E ratio of -501.15, a P/E/G ratio of 5.02 and a beta of 2.13. The stock’s 50 day moving average is $57.19 and its two-hundred day moving average is $60.76.
Symbotic (NASDAQ:SYM – Get Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.06). Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. The business had revenue of $629.99 million during the quarter, compared to the consensus estimate of $622.58 million. During the same period in the previous year, the business posted ($0.03) earnings per share. Symbotic’s revenue was up 29.4% compared to the same quarter last year. As a group, equities research analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.
Insiders Place Their Bets
In other news, CTO James Kuffner sold 77,321 shares of the firm’s stock in a transaction on Monday, January 26th. The stock was sold at an average price of $59.76, for a total value of $4,620,702.96. Following the transaction, the chief technology officer directly owned 144,982 shares in the company, valued at $8,664,124.32. This trade represents a 34.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Rollin L. Ford sold 60,000 shares of the company’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $57.51, for a total value of $3,450,600.00. The SEC filing for this sale provides additional information. Insiders sold 193,492 shares of company stock worth $11,449,123 over the last three months. Insiders own 8.16% of the company’s stock.
Institutional Trading of Symbotic
A number of hedge funds have recently modified their holdings of SYM. Centerpoint Advisors LLC boosted its stake in Symbotic by 16.7% during the 3rd quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock worth $75,000 after acquiring an additional 200 shares during the last quarter. Federation des caisses Desjardins du Quebec raised its holdings in Symbotic by 5.2% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 4,493 shares of the company’s stock worth $267,000 after purchasing an additional 224 shares during the period. Barton Investment Management raised its holdings in Symbotic by 0.8% in the fourth quarter. Barton Investment Management now owns 30,658 shares of the company’s stock worth $1,824,000 after purchasing an additional 233 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Symbotic by 2.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 11,375 shares of the company’s stock worth $677,000 after purchasing an additional 236 shares in the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of Symbotic by 67.3% during the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after purchasing an additional 249 shares in the last quarter.
Symbotic Company Profile
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.