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

Symbotic Inc. (NASDAQ:SYM)’s share price gapped down prior to trading on Wednesday after Craig Hallum downgraded the stock from a buy rating to a hold rating. The stock had previously closed at $37.41, but opened at $25.07. Craig Hallum now has a $25.00 price target on the stock. Symbotic shares last traded at $23.95, with a volume of 3,439,155 shares.

A number of other analysts have also issued reports on SYM. Deutsche Bank Aktiengesellschaft increased their price target on shares of Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. KeyCorp reissued a “sector weight” rating on shares of Symbotic in a research note on Wednesday. Robert W. Baird dropped their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. TD Cowen lifted their price objective on Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, DA Davidson lowered Symbotic from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $50.00 to $35.00 in a research report on Wednesday. One research analyst has rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Symbotic presently has an average rating of “Moderate Buy” and an average target price of $42.69.

Insider Transactions at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was 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 owns 214,036 shares in the company, valued at $4,013,175. The trade was a 0.93 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael David Dunn sold 5,266 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total value of $125,383.46. Following the completion of the transaction, the insider now owns 85,224 shares in the company, valued at approximately $2,029,183.44. This represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 49,878 shares of company stock worth $1,378,056. Insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYM. Vanguard Group Inc. lifted its holdings in shares of Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in shares of Symbotic by 11.6% in the first quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after buying an additional 284 shares during the period. California State Teachers Retirement System increased its position in shares of Symbotic by 4.5% during the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock worth $678,000 after acquiring an additional 654 shares in the last quarter. Comerica Bank raised its holdings in shares of Symbotic by 1,347.0% during the first quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after acquiring an additional 15,491 shares during the period. Finally, Virtu Financial LLC bought a new stake in Symbotic in the 1st quarter valued at $770,000.

Symbotic Trading Down 35.8 %

The stock’s 50 day moving average is $28.96 and its two-hundred day moving average is $30.77. The stock has a market capitalization of $14.05 billion, a price-to-earnings ratio of -400.00 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.05. The firm had revenue of $576.77 million for 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%. The company’s revenue was up 47.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.08) EPS. On average, research analysts anticipate that Symbotic Inc. will post 0.2 earnings per share for the current year.

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.