Symbotic (NASDAQ:SYM) Trading Down 2.2% – Here’s Why

Symbotic Inc. (NASDAQ:SYM)’s share price was down 2.2% during mid-day trading on Monday . The company traded as low as $56.08 and last traded at $56.89. Approximately 1,471,179 shares traded hands during trading, a decline of 26% from the average daily volume of 1,992,136 shares. The stock had previously closed at $58.18.

Analyst Ratings Changes

SYM has been the subject of several analyst reports. Needham & Company LLC boosted their target price on shares of Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. UBS Group restated a “sell” rating and set a $35.00 price objective (up from $27.00) on shares of Symbotic in a research report on Tuesday, September 23rd. Robert W. Baird downgraded Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a report on Thursday, August 7th. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, 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. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and a consensus target price of $44.41.

Symbotic Price Performance

The firm has a 50-day simple moving average of $63.65 and a 200 day simple moving average of $48.87. The stock has a market capitalization of $31.86 billion, a P/E ratio of -770.75, a P/E/G ratio of 9.58 and a beta of 2.10.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Maria G. Freve sold 662 shares of the company’s stock in a transaction that occurred on Tuesday, October 28th. The shares were sold at an average price of $70.95, for a total value of $46,968.90. Following the completion of the transaction, the insider directly owned 1,312 shares in the company, valued at approximately $93,086.40. This represents a 33.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider William M. Boyd III sold 11,735 shares of Symbotic stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $82.09, for a total transaction of $963,326.15. Following the transaction, the insider owned 26,769 shares in the company, valued at approximately $2,197,467.21. This trade represents a 30.48% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 286,494 shares of company stock valued at $14,884,014 in the last quarter. 0.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Symbotic

A number of institutional investors have recently made changes to their positions in SYM. Advisory Services Network LLC bought a new position in shares of Symbotic during the third quarter worth about $172,000. Financial Engines Advisors L.L.C. acquired a new stake in Symbotic during the 3rd quarter valued at approximately $530,000. Kestra Private Wealth Services LLC bought a new position in Symbotic during the 3rd quarter worth approximately $625,000. NewEdge Advisors LLC lifted its position in shares of Symbotic by 101.1% in the 3rd quarter. NewEdge Advisors LLC now owns 2,566 shares of the company’s stock worth $138,000 after purchasing an additional 1,290 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Symbotic in the 3rd quarter worth approximately $778,000.

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.