Symbotic (NASDAQ:SYM) Shares Down 3.7% - Here's What Happened

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares dropped 3.7% during mid-day trading on Friday . The stock traded as low as $30.51 and last traded at $30.65. Approximately 1,466,235 shares traded hands during 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 lowered their price target on Symbotic from $34.00 to $28.00 and set a "neutral" rating on the stock in a report on Wednesday, December 4th. TD Cowen upped their target price on shares of Symbotic from $43.00 to $50.00 and gave the stock a "buy" rating in a research report on Tuesday, November 26th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $60.00 price target on shares of Symbotic in a report on Tuesday, November 19th. Oppenheimer initiated coverage on shares of Symbotic in a report on Wednesday. They set an "outperform" rating and a $35.00 price objective for the company. Finally, UBS Group reduced their target price on Symbotic from $40.00 to $32.00 and set a "neutral" rating on the stock in a report on Friday, January 3rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $38.73.

Symbotic Price Performance

The stock's 50-day moving average price is $27.96 and its 200 day moving average price is $27.49. The firm has a market capitalization of $17.48 billion, a PE ratio of -496.00 and a beta of 1.76.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, meeting analysts' consensus estimates of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The business had revenue of $576.77 million during the quarter, compared to analyst estimates of $470.24 million. During the same period in the previous year, the company posted ($0.08) EPS. Symbotic's revenue was up 47.2% on a year-over-year basis. Equities research analysts forecast that Symbotic Inc. will post 0.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Symbotic news, insider Michael David Dunn sold 1,715 shares of the stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $28.77, for a total transaction of $49,340.55. Following the completion of the sale, the insider now directly owns 87,922 shares of the company's stock, valued at approximately $2,529,515.94. This represents a 1.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the transaction, the director now directly owns 214,036 shares in the company, valued at approximately $5,145,425.44. The trade was a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,844 shares of company stock worth $3,268,431 in the last three months. Corporate insiders own 38.30% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in Symbotic in the fourth quarter worth about $559,000. Bourne Lent Asset Management Inc. boosted its stake in Symbotic by 34.8% in the 4th quarter. Bourne Lent Asset Management Inc. now owns 87,210 shares of the company's stock worth $2,068,000 after purchasing an additional 22,500 shares in the last quarter. MCF Advisors LLC purchased a new stake in Symbotic during the 4th quarter worth approximately $85,000. Bouvel Investment Partners LLC acquired a new position in Symbotic during the 4th quarter valued at approximately $1,056,000. Finally, Armstrong Advisory Group Inc. raised its holdings in shares of Symbotic by 122.2% in the fourth quarter. Armstrong Advisory Group Inc. now owns 11,782 shares of the company's stock worth $279,000 after buying an additional 6,479 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.