Symbotic (NASDAQ:SYM) Shares Gap Down Following Analyst Downgrade

Symbotic Inc. (NASDAQ:SYM) shares gapped down before the market opened on Wednesday after Needham & Company LLC lowered their price target on the stock from $46.00 to $35.00. The stock had previously closed at $37.41, but opened at $25.07. Needham & Company LLC currently has a buy rating on the stock. Symbotic shares last traded at $23.95, with a volume of 3,439,155 shares.

SYM has been the topic of several other reports. Craig Hallum cut their target price on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their price objective on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Northland Securities upped their target price on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. DA Davidson lowered shares of Symbotic from a “buy” rating to a “neutral” rating and dropped their price target for the company from $50.00 to $35.00 in a research report on Wednesday. Finally, The Goldman Sachs Group decreased their price objective on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $44.23.

Insiders Place Their Bets

In related news, insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $28.33, for a total value of $250,040.58. Following the completion of the transaction, the insider now directly owns 23,012 shares of the company’s stock, valued at $651,929.96. This trade represents a 27.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the completion of the sale, the director now directly owns 214,036 shares in the company, valued at $4,013,175. This trade represents a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock worth $1,378,056 in the last ninety days. Insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Institutional investors have recently added to or reduced their stakes in the stock. Castleview Partners LLC grew its holdings in shares of Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after purchasing an additional 500 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in Symbotic during the third quarter worth about $49,000. RiverPark Advisors LLC increased its holdings in shares of Symbotic by 147.1% during the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after buying an additional 1,211 shares in the last quarter. RFP Financial Group LLC increased its holdings 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 buying an additional 310 shares in the last quarter. Finally, Quest Partners LLC raised its stake in shares of Symbotic by 19,307.7% in the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock valued at $62,000 after acquiring an additional 2,510 shares during the last quarter.

Symbotic Trading Down 38.7 %

The firm has a fifty day moving average price of $28.98 and a 200 day moving average price of $30.82. The firm has a market capitalization of $13.44 billion, a price-to-earnings ratio of -364.67 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, hitting the consensus estimate of $0.05. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The company had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter in the prior year, the business earned ($0.08) earnings per share. The business’s revenue for the quarter was up 47.2% on a year-over-year basis. As a group, equities analysts predict that Symbotic Inc. will post 0.2 EPS for the current fiscal year.

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.