Symbotic (NASDAQ:SYM) Stock Price Down 17.4% – Time to Sell?

Symbotic Inc. (NASDAQ:SYM) traded down 17.4% on Thursday . The company traded as low as $59.83 and last traded at $60.48. 9,569,987 shares changed hands during trading, an increase of 351% from the average session volume of 2,122,870 shares. The stock had previously closed at $73.22.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SYM shares. Northland Securities lifted their price objective on Symbotic from $56.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, November 25th. Cantor Fitzgerald increased their target price on Symbotic from $60.00 to $82.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. UBS Group reiterated a “sell” rating and set a $35.00 price objective (up from $27.00) on shares of Symbotic in a report on Tuesday, September 23rd. Oppenheimer reaffirmed an “outperform” rating and set a $83.00 price target on shares of Symbotic in a research note on Tuesday, November 25th. Finally, DA Davidson reiterated a “neutral” rating and issued a $47.00 price target on shares of Symbotic in a research note on Tuesday, November 25th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $56.50.

Symbotic Price Performance

The company has a fifty day moving average price of $68.08 and a two-hundred day moving average price of $52.66. The company has a market capitalization of $35.31 billion, a P/E ratio of -398.00, a PEG ratio of 17.16 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 24th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). The firm had revenue of $618.46 million for the quarter, compared to the consensus estimate of $604.00 million. Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. The business’s revenue was up 9.5% compared to the same quarter last year. During the same period last year, the company posted $0.47 EPS. As a group, sell-side analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Activity at Symbotic

In related news, CTO James Kuffner sold 8,348 shares of the stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $81.30, for a total value of $678,692.40. Following the completion of the sale, the chief technology officer directly owned 30,640 shares of the company’s stock, valued at approximately $2,491,032. This represents a 21.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider William M. Boyd III sold 11,735 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $82.09, for a total transaction of $963,326.15. Following the completion of the sale, the insider owned 26,769 shares of the company’s stock, valued at approximately $2,197,467.21. This represents a 30.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 85,508 shares of company stock valued at $6,304,555 over the last 90 days. Corporate insiders own 0.60% of the company’s stock.

Institutional Trading of Symbotic

Several institutional investors have recently added to or reduced their stakes in SYM. Allspring Global Investments Holdings LLC bought a new stake in Symbotic during the third quarter worth about $34,296,000. Amanah Holdings Trust bought a new stake in Symbotic in the second quarter worth $19,824,000. Franklin Resources Inc. raised its position in shares of Symbotic by 3,188.8% in the 3rd quarter. Franklin Resources Inc. now owns 274,155 shares of the company’s stock worth $14,777,000 after purchasing an additional 265,819 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in Symbotic in the 1st quarter worth about $4,968,000. Finally, Handelsbanken Fonder AB lifted its stake in shares of Symbotic by 626.4% in the third quarter. Handelsbanken Fonder AB now owns 274,178 shares of the company’s stock worth $14,778,000 after buying an additional 236,435 shares in the last quarter.

About Symbotic

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.