Symbotic (NASDAQ:SYM) Stock Price Down 4.5% - Here's What Happened

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price fell 4.5% on Monday . The stock traded as low as $25.28 and last traded at $25.65. 508,088 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 1,799,709 shares. The stock had previously closed at $26.87.

Analyst Ratings Changes

SYM has been the topic of a number of research reports. KeyCorp reissued a "sector weight" rating on shares of Symbotic in a report on Wednesday, November 27th. Northland Securities lifted their price target on Symbotic from $50.00 to $53.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 19th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $60.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. DA Davidson cut Symbotic from a "buy" rating to a "neutral" rating and reduced their target price for the company from $50.00 to $35.00 in a research note on Wednesday, November 27th. Finally, William Blair reiterated a "market perform" rating on shares of Symbotic in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $42.54.

Symbotic Price Performance

The firm has a market capitalization of $15.85 billion, a P/E ratio of -452.50 and a beta of 1.73. The company's 50-day simple moving average is $29.55 and its two-hundred day simple moving average is $29.30.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.05. The firm had revenue of $576.77 million during the quarter, compared to analysts' expectations of $470.24 million. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The company's revenue for the quarter was up 47.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.08) earnings per share. Analysts predict that Symbotic Inc. will post 0.12 earnings per share for the current year.

Insider Transactions at Symbotic

In other news, CFO Carol J. Hibbard sold 22,821 shares of Symbotic 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 transaction, the chief financial officer now owns 34,188 shares of the company's stock, valued at $990,084.48. The trade was a 40.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael David Dunn sold 63,867 shares of Symbotic stock in a transaction that occurred on Monday, December 9th. The stock was 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 in the company, 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 quarter, insiders sold 111,745 shares of company stock worth $3,261,675. 38.30% of the stock is currently owned by insiders.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently bought and sold shares of SYM. Castleview Partners LLC lifted its stake in shares of Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company's stock valued at $37,000 after purchasing an additional 500 shares during the period. RFP Financial Group LLC raised its position in Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company's stock worth $59,000 after acquiring an additional 310 shares during the period. Quarry LP purchased a new stake in shares of Symbotic in the second quarter valued at about $65,000. Arcadia Investment Management Corp MI purchased a new stake in shares of Symbotic in the third quarter valued at about $49,000. Finally, RiverPark Advisors LLC lifted its position in Symbotic by 147.1% in the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company's stock valued at $50,000 after buying an additional 1,211 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.