Symbotic (NASDAQ:SYM) Trading Down 2.8% – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM)’s stock price dropped 2.8% during trading on Tuesday . The stock traded as low as $50.33 and last traded at $52.67. Approximately 987,901 shares changed hands during trading, a decline of 50% from the average daily volume of 1,981,707 shares. The stock had previously closed at $54.21.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SYM shares. Northcoast Research cut Symbotic from a “buy” rating to a “neutral” rating in a report on Tuesday, November 25th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $50.00 price target on shares of Symbotic in a research report on Thursday, January 15th. Barclays upped their price objective on Symbotic from $41.00 to $42.00 and gave the stock an “underweight” rating in a research note on Monday, January 12th. TD Cowen reissued a “buy” rating on shares of Symbotic in a research note on Wednesday, December 3rd. Finally, Zacks Research upgraded shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Six analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $60.57.

Symbotic Stock Down 2.8%

The company has a 50 day moving average of $60.24 and a 200 day moving average of $60.62. The firm has a market cap of $31.72 billion, a price-to-earnings ratio of -526.65, a PEG ratio of 5.49 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.06). The company had revenue of $629.99 million for the quarter, compared to analyst estimates of $622.58 million. Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The firm’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.03) EPS. As a group, equities research analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Symbotic

In related news, insider William M. Boyd III sold 15,000 shares of Symbotic stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $69.00, for a total value of $1,035,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Group Corp. Softbank sold 3,500,000 shares of the company’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $53.21, for a total value of $186,235,000.00. Following the sale, the insider owned 5,590,000 shares in the company, valued at $297,443,900. The trade was a 38.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 7,190,533 shares of company stock valued at $383,891,335. Corporate insiders own 8.16% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its position in shares of Symbotic by 28.8% in the 1st quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock worth $1,714,000 after buying an additional 18,967 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Symbotic by 15.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock worth $1,716,000 after acquiring an additional 11,098 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in Symbotic in the second quarter valued at approximately $284,000. Hunter Associates Investment Management LLC bought a new position in shares of Symbotic during the second quarter valued at approximately $361,000. Finally, Moors & Cabot Inc. acquired a new stake in shares of Symbotic during the 2nd quarter worth approximately $223,000.

About Symbotic

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.