Symbotic (NASDAQ:SYM) Trading Down 3.7% – What’s Next?

Shares of Symbotic Inc. (NASDAQ:SYM) dropped 3.7% during mid-day trading on Friday . The company traded as low as $30.51 and last traded at $30.65. Approximately 1,466,235 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 2,561,533 shares. The stock had previously closed at $31.82.

Analysts Set New Price Targets

SYM has been the topic of a number of research analyst reports. The Goldman Sachs Group dropped their target price on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday, December 4th. Northland Securities upped their price target on shares of Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. Oppenheimer started coverage on shares of Symbotic in a research note on Wednesday. They issued an “outperform” rating and a $35.00 price target on the stock. Finally, DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, six have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Symbotic has an average rating of “Moderate Buy” and a consensus price target of $38.73.

Symbotic Stock Performance

The stock’s fifty day moving average price is $27.96 and its two-hundred day moving average price is $27.49. The company has a market cap of $17.48 billion, a P/E ratio of -496.00 and a beta of 1.76.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The company had revenue of $576.77 million during the quarter, compared to the consensus estimate of $470.24 million. During the same quarter in the prior year, the firm posted ($0.08) EPS. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. On average, equities research analysts forecast that Symbotic Inc. will post 0.12 EPS for the current year.

Insider Transactions at Symbotic

In related news, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at $990,084.48. This represents a 40.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael David Dunn sold 63,867 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $30.08, for a total transaction of $1,921,119.36. Following the completion of the transaction, the insider now directly owns 24,055 shares of the company’s stock, valued at approximately $723,574.40. The trade was a 72.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 111,844 shares of company stock valued at $3,268,431. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Canada Pension Plan Investment Board raised its stake in shares of Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Symbotic by 10.2% during the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock valued at $12,290,000 after acquiring an additional 46,721 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Symbotic during the third quarter valued at $1,029,000. Capital Market Strategies LLC bought a new position in shares of Symbotic during the fourth quarter valued at $802,000. Finally, Baillie Gifford & Co. raised its stake in shares of Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after acquiring an additional 3,410,050 shares during the last quarter.

Symbotic Company Profile

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.