Symbotic (NASDAQ:SYM) Shares Down 6.2% – Time to Sell?

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SYM shares. Barclays reduced their price target on Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a report on Tuesday, September 8th. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th. Weiss Ratings lowered Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Friday, September 4th. Needham & Company LLC dropped their price target on shares of Symbotic from C$75.00 to C$60.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Robert W. Baird set a $51.00 price target on shares of Symbotic in a report on Thursday, August 6th. Seven investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $65.42.

Symbotic Price Performance

The company has a market capitalization of $25.28 billion, a PE ratio of 466.52, a price-to-earnings-growth ratio of 6.84 and a beta of 1.94. The stock’s 50 day simple moving average is $41.93 and its 200-day simple moving average is $47.32.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.05) earnings per share. On average, equities analysts predict that Symbotic Inc. will post 0.21 earnings per share for the current year.

Insider Activity at Symbotic

In other news, SVP Brian Alexander sold 9,130 shares of the company’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $40.30, for a total value of $367,939.00. Following the completion of the transaction, the senior vice president owned 55,611 shares in the company, valued at approximately $2,241,123.30. This represents a 14.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO James Kuffner sold 18,987 shares of the company’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $40.38, for a total transaction of $766,695.06. Following the completion of the transaction, the chief technology officer owned 214,062 shares of the company’s stock, valued at $8,643,823.56. This represents a 8.15% decrease in their position. 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 worth $3,633,928 over the last ninety days. 8.16% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Symbotic

Several large investors have recently modified their holdings of the company. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Symbotic during the fourth quarter worth about $48,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in Symbotic in the fourth quarter worth $55,000. HHM Wealth Advisors LLC increased its holdings in shares of Symbotic by 81,700.0% in the 1st 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 in the last quarter. Nykredit A S acquired a new stake in shares of Symbotic during the 2nd quarter valued at approximately $89,000. Finally, IAG Wealth Partners LLC boosted its position in Symbotic by 29.4% during the first quarter. IAG Wealth Partners LLC now owns 1,752 shares of the company’s stock worth $93,000 after purchasing an additional 398 shares in the last quarter.

Symbotic Company Profile

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.