Symbotic (NASDAQ:SYM) Stock Price Down 3.4% – Time to Sell?

Symbotic Inc. (NASDAQ:SYM) shares fell 3.4% during trading on Friday . The stock traded as low as $23.06 and last traded at $23.18. 851,106 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 1,701,591 shares. The stock had previously closed at $24.00.

Analyst Upgrades and Downgrades

SYM has been the subject of a number of recent research reports. TD Cowen lifted their target price on Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday. DA Davidson cut shares of Symbotic from a “buy” rating to a “neutral” rating and cut their price objective for the company from $50.00 to $35.00 in a research report on Wednesday. Craig Hallum lowered shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price for the company. in a report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. Finally, KeyCorp reissued a “sector weight” rating on shares of Symbotic in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.69.

Symbotic Trading Up 12.4 %

The stock has a 50-day simple moving average of $28.94 and a two-hundred day simple moving average of $30.72. The firm has a market capitalization of $15.80 billion, a P/E ratio of -436.33 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. The company had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. During the same period in the prior year, the firm earned ($0.08) earnings per share. The firm’s revenue for the quarter was up 47.2% compared to the same quarter last year. As a group, research analysts expect that Symbotic Inc. will post 0.2 EPS for the current year.

Insider Activity at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the sale, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $4,013,175. The trade was a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock valued at $1,378,056 over the last ninety days. 38.30% of the stock is owned by company insiders.

Institutional Trading of Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Baillie Gifford & Co. grew its stake in Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after buying an additional 3,410,050 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Symbotic by 16.6% during the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after acquiring an additional 345,386 shares during the last quarter. Thematics Asset Management increased its holdings in shares of Symbotic by 30.1% during the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after acquiring an additional 242,661 shares in the last quarter. Exchange Traded Concepts LLC increased its holdings in shares of Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after acquiring an additional 379,726 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in shares of Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after purchasing an additional 509,700 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.