Symbotic (NASDAQ:SYM) Stock Price Down 4.6% – Time to Sell?

Symbotic Inc. (NASDAQ:SYM) shares dropped 4.6% during mid-day trading on Friday . The company traded as low as $53.60 and last traded at $54.78. Approximately 1,229,688 shares were traded during trading, a decline of 39% from the average daily volume of 2,027,674 shares. The stock had previously closed at $57.42.

Analyst Ratings Changes

Several equities analysts recently issued reports on SYM shares. Oppenheimer restated an “outperform” rating and issued a $83.00 price target on shares of Symbotic in a research report on Tuesday, November 25th. Northland Securities set a $73.00 target price on Symbotic in a research note on Thursday, February 5th. Cantor Fitzgerald upped 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. Robert W. Baird increased their price target on Symbotic from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, November 26th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Symbotic in a research note on Thursday, January 22nd. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and a consensus target price of $60.57.

Symbotic Trading Down 4.6%

The stock’s 50 day moving average price is $60.42 and its two-hundred day moving average price is $60.47. The firm has a market capitalization of $32.99 billion, a price-to-earnings ratio of -547.75, a PEG ratio of 5.63 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.06). The firm had revenue of $629.99 million during the quarter, compared to analyst estimates of $622.58 million. Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The business’s revenue was up 29.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.03) EPS. On average, sell-side analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Activity

In other Symbotic news, major shareholder Group Corp. Softbank sold 3,500,000 shares of the stock in a transaction on Monday, December 8th. The stock was sold at an average price of $53.21, for a total transaction of $186,235,000.00. Following the sale, the insider owned 5,590,000 shares in the company, valued at approximately $297,443,900. This represents a 38.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the firm’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $53.21, for a total value of $186,235,000.00. Following the transaction, the insider directly owned 5,590,000 shares of the company’s stock, valued at $297,443,900. The trade was a 38.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 7,190,533 shares of company stock worth $383,891,335. 8.16% of the stock is owned by corporate insiders.

Institutional Trading of Symbotic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SYM. MAI Capital Management lifted its holdings in shares of Symbotic by 833.3% during the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after acquiring an additional 500 shares during the period. IAG Wealth Partners LLC acquired a new position in Symbotic during the second quarter worth approximately $32,000. Parkside Financial Bank & Trust increased its position in Symbotic by 100.0% during the fourth 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 last quarter. Quarry LP purchased a new position in Symbotic during the fourth quarter worth approximately $36,000. Finally, Parallel Advisors LLC raised its stake in Symbotic by 67.3% during the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after purchasing an additional 249 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.