Symbotic (NASDAQ:SYM) Trading Down 6.4% – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM) traded down 6.4% during mid-day trading on Tuesday . The stock traded as low as $62.39 and last traded at $63.12. 2,120,062 shares traded hands during trading, an increase of 24% from the average session volume of 1,710,563 shares. The stock had previously closed at $67.41.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SYM. Weiss Ratings reissued a “hold (c-)” rating on shares of Symbotic in a research report on Wednesday, October 8th. Cantor Fitzgerald boosted their price target on Symbotic from $60.00 to $82.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Wall Street Zen raised shares of Symbotic from a “sell” rating to a “hold” rating in a report on Sunday, November 30th. Northcoast Research lowered shares of Symbotic from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 25th. Finally, Needham & Company LLC increased their target price on Symbotic from $57.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. Six investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $56.79.

Symbotic Trading Down 6.4%

The company has a fifty day moving average price of $64.33 and a two-hundred day moving average price of $59.68. The firm has a market cap of $37.34 billion, a P/E ratio of -420.80, a PEG ratio of 19.12 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 24th. The company reported ($0.03) earnings per share 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 return on equity of 3.89% and a negative net margin of 0.75%.Symbotic’s revenue for the quarter was up 9.5% on a year-over-year basis. During the same quarter last year, the business posted $0.47 EPS. As a group, sell-side analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the stock in a transaction dated 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 directly owned 5,590,000 shares of the company’s stock, valued at approximately $297,443,900. This represents a 38.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Merline Saintil sold 9,000 shares of Symbotic stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $84.72, for a total transaction of $762,480.00. Following the transaction, the director directly owned 68,413 shares in the company, valued at $5,795,949.36. This trade represents a 11.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,066,463 shares of company stock worth $377,427,267 in the last quarter. 0.60% of the stock is currently owned by company insiders.

Institutional Trading of Symbotic

A number of institutional investors and hedge funds have recently bought and sold shares of SYM. Allspring Global Investments Holdings LLC purchased a new stake in Symbotic in the third quarter worth $34,296,000. Franklin Resources Inc. increased its holdings in Symbotic by 3,188.8% in the third quarter. Franklin Resources Inc. now owns 274,155 shares of the company’s stock valued at $14,777,000 after buying an additional 265,819 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in Symbotic by 626.4% in the 3rd quarter. Handelsbanken Fonder AB now owns 274,178 shares of the company’s stock valued at $14,778,000 after buying an additional 236,435 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in Symbotic in the 3rd quarter valued at about $12,377,000. Finally, UBS Group AG boosted its holdings in Symbotic by 22.3% in the 3rd quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock valued at $59,601,000 after purchasing an additional 201,547 shares during the last quarter.

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.