Symbotic (NASDAQ:SYM) Reaches New 1-Year Low After Earnings Miss

Symbotic Inc. (NASDAQ:SYM) shares reached a new 52-week low during trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $26.02 and last traded at $29.01, with a volume of 2310029 shares traded. The stock had previously closed at $35.63.

The company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Symbotic had a positive return on equity of 5.27% and a negative net margin of 1.27%. The business had revenue of $491.86 million for the quarter, compared to analysts’ expectations of $464.56 million. During the same period in the prior year, the company earned ($0.07) EPS. The company’s revenue for the quarter was up 57.7% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. William Blair reissued a “market perform” rating on shares of Symbotic in a research note on Friday, May 10th. Deutsche Bank Aktiengesellschaft increased their price target on Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, May 7th. Northland Securities increased their target price on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 10th. Needham & Company LLC cut their target price on Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, The Goldman Sachs Group cut their target price on Symbotic from $46.00 to $40.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, three have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.50.

Insider Activity at Symbotic

In other news, major shareholder David A. Ladensohn sold 50,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Michael David Dunn sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $40.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider now directly owns 72,032 shares in the company, valued at $2,881,280. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder David A. Ladensohn sold 50,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $40.89, for a total value of $2,044,500.00. The disclosure for this sale can be found here. In the last three months, insiders sold 152,107 shares of company stock worth $6,030,707. Corporate insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Several large investors have recently modified their holdings of SYM. Van ECK Associates Corp bought a new position in shares of Symbotic during the fourth quarter worth about $26,000. RiverPark Advisors LLC bought a new position in shares of Symbotic during the first quarter worth about $37,000. Global Retirement Partners LLC lifted its position in shares of Symbotic by 166.7% during the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after purchasing an additional 660 shares during the last quarter. Pingora Partners LLC bought a new position in shares of Symbotic during the fourth quarter worth about $51,000. Finally, RFP Financial Group LLC lifted its position in shares of 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 purchasing an additional 310 shares during the last quarter.

Symbotic Price Performance

The firm’s 50-day moving average price is $37.58 and its 200 day moving average price is $41.27. The firm has a market cap of $16.72 billion, a P/E ratio of -128.83 and a beta of 1.87.

About Symbotic

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.