Symbotic (NASDAQ:SYM) Trading Down 6.2% – What’s Next?

Symbotic Inc. (NASDAQ:SYM) was down 6.2% on Friday . The company traded as low as $42.23 and last traded at $41.8350. Approximately 635,153 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 1,832,364 shares. The stock had previously closed at $44.61.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Robert W. Baird set a $51.00 target price on Symbotic in a report on Thursday, August 6th. Needham & Company LLC dropped their target price on shares of Symbotic from C$75.00 to C$60.00 and set a “buy” rating on the stock in a report on Tuesday. Barclays dropped their price objective on shares of Symbotic from $44.00 to $38.00 and set an “underweight” rating on the stock in a report on Tuesday, September 8th. Zacks Research upgraded shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Finally, The Goldman Sachs Group decreased their price target on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research report on Tuesday, May 26th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and four have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $65.42.

Symbotic Price Performance

The company has a market cap of $25.28 billion, a price-to-earnings ratio of 466.52, a P/E/G ratio of 6.84 and a beta of 1.94. The firm has a fifty day simple moving average of $41.93 and a 200 day simple moving average of $47.32.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). The business had revenue of $720.84 million for the quarter, compared to analyst estimates of $715.03 million. Symbotic had a return on equity of 1.40% and a net margin of 0.48%.Symbotic’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS. Analysts expect that Symbotic Inc. will post 0.21 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider William Boyd, III sold 9,194 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $41.04, for a total value of $377,321.76. Following the completion of the transaction, the insider owned 57,112 shares of the company’s stock, valued at $2,343,876.48. This represents a 13.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Izilda Martins sold 27,463 shares of the business’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $40.80, for a total transaction of $1,120,490.40. Following the completion of the transaction, the chief financial officer owned 35,171 shares in the company, valued at approximately $1,434,976.80. This trade represents a 43.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 88,085 shares of company stock valued at $3,633,928 over the last 90 days. Company insiders own 8.16% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SYM. Gordian Capital Singapore Pte Ltd bought a new position in Symbotic during the fourth quarter worth about $48,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Symbotic during the fourth quarter valued at approximately $55,000. HHM Wealth Advisors LLC grew its holdings in Symbotic by 81,700.0% during the first quarter. HHM Wealth Advisors LLC now owns 1,636 shares of the company’s stock valued at $87,000 after purchasing an additional 1,634 shares during the period. IAG Wealth Partners LLC increased its stake in Symbotic by 29.4% in the first quarter. IAG Wealth Partners LLC now owns 1,752 shares of the company’s stock valued at $93,000 after purchasing an additional 398 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in Symbotic by 26.8% in the fourth quarter. IFP Advisors Inc now owns 1,922 shares of the company’s stock valued at $114,000 after purchasing an additional 406 shares in the last quarter.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for large-scale warehouses and distribution centers. Its systems are designed to automate the movement, storage and retrieval of pallets and cases, helping customers manage inventory and improve the efficiency of supply-chain operations.

The company’s platform combines robotics, machine learning, warehouse-control software and automated storage systems. Symbotic’s technology can receive goods, organize inventory, retrieve products and assemble orders for shipment, supporting distribution operations for retail and grocery companies.

Symbotic was founded in 2006 and is headquartered in Wilmington, Massachusetts.