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

Symbotic Inc. (NASDAQ:SYM)’s share price gapped down before the market opened 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 trading hands.

Several other analysts have also recently issued reports on the stock. Citigroup decreased their target price on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Robert W. Baird lowered their price objective on Symbotic from $53.00 to $41.00 and set an “outperform” rating for the company in a research note on Wednesday, July 31st. DA Davidson downgraded Symbotic from a “buy” rating to a “neutral” rating and cut their target price for the company from $50.00 to $35.00 in a research report on Wednesday. Northland Securities raised their price target on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 19th. Finally, Needham & Company LLC lowered their target price on shares of Symbotic from $46.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $42.69.

Insiders Place Their Bets

In other Symbotic news, insider Michael David Dunn sold 1,715 shares of the business’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $28.77, for a total value of $49,340.55. Following the completion of the transaction, the insider now directly owns 87,922 shares in the company, valued at approximately $2,529,515.94. The trade was a 1.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction dated 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 owns 214,036 shares in the company, valued at $4,013,175. This represents a 0.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 49,878 shares of company stock worth $1,378,056. 38.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Castleview Partners LLC raised its stake in Symbotic by 50.0% in the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after buying an additional 500 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Symbotic during the third quarter valued at about $49,000. RiverPark Advisors LLC raised its position in shares of Symbotic by 147.1% in the 3rd quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after purchasing an additional 1,211 shares during the last quarter. RFP Financial Group LLC boosted its stake in Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after purchasing an additional 310 shares in the last quarter. Finally, Quest Partners LLC grew its position in Symbotic by 19,307.7% during the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after purchasing an additional 2,510 shares during the last quarter.

Symbotic Stock Performance

The stock’s 50 day simple moving average is $28.94 and its 200-day simple moving average is $30.72. The firm has a market cap of $14.05 billion, a price-to-earnings ratio of -400.00 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last released its 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. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The firm had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same period in the prior year, the firm earned ($0.08) EPS. The firm’s revenue was up 47.2% on a year-over-year basis. On average, analysts expect 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.