Symbotic (NASDAQ:SYM) Reaches New 52-Week Low – Here’s Why

Symbotic Inc. (NASDAQ:SYM)’s share price hit a new 52-week low on Tuesday . The company traded as low as $38.06 and last traded at $38.63, with a volume of 243197 shares. The stock had previously closed at $39.67.

Analyst Upgrades and Downgrades

SYM has been the subject of several recent analyst reports. Weiss Ratings upgraded shares of Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, August 21st. DA Davidson restated a “buy” rating and set a $70.00 price target on shares of Symbotic in a research note on Monday, May 11th. Needham & Company LLC reissued a “buy” rating and issued a $75.00 target price on shares of Symbotic in a report on Thursday, August 6th. The Goldman Sachs Group decreased their price target on Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research note on Tuesday, May 26th. Finally, Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $65.92.

Symbotic Stock Performance

The stock has a market cap of $23.26 billion, a price-to-earnings ratio of 427.81, a PEG ratio of 5.36 and a beta of 1.94. The firm’s 50-day simple moving average is $41.96 and its two-hundred day simple moving average is $48.55.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). Symbotic had a return on equity of 1.40% and a net margin of 0.48%.The company had revenue of $720.84 million for the quarter, compared to the consensus estimate of $715.03 million. During the same quarter in the previous year, the company posted ($0.05) EPS. The business’s revenue was up 21.7% on a year-over-year basis. Equities research analysts expect that Symbotic Inc. will post 0.25 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other news, insider William M. Boyd III sold 9,194 shares of Symbotic stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $41.04, for a total transaction of $377,321.76. Following the completion of the transaction, the insider directly owned 57,112 shares in the company, valued at $2,343,876.48. This trade represents a 13.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Maria G. Freve sold 2,244 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $40.28, for a total value of $90,388.32. Following the completion of the sale, the insider directly owned 3,096 shares of the company’s stock, valued at $124,706.88. The trade was a 42.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 84,085 shares of company stock valued at $3,468,788 in the last quarter. Insiders own 8.16% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Several large investors have recently modified their holdings of SYM. Federation des caisses Desjardins du Quebec grew its stake in Symbotic by 5.2% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 4,493 shares of the company’s stock valued at $267,000 after buying an additional 224 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Symbotic by 2.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 11,375 shares of the company’s stock worth $677,000 after acquiring an additional 236 shares in the last quarter. Parallel Advisors LLC increased its position in shares of Symbotic by 67.3% during the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after purchasing an additional 249 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of Symbotic by 4.8% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 5,753 shares of the company’s stock worth $342,000 after acquiring an additional 266 shares in the last quarter. Finally, Parkside Financial Bank & Trust raised its position in Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock worth $32,000 after purchasing an additional 268 shares during the period.

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.