Symbotic (NASDAQ:SYM) Trading Down 5.9% – Should You Sell?

Symbotic Inc. (NASDAQ:SYM) shares were down 5.9% during trading on Friday . The stock traded as low as $31.81 and last traded at $31.54. Approximately 1,197,163 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 2,624,692 shares. The stock had previously closed at $33.50.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SYM shares. Citigroup reiterated a “buy” rating and issued a $37.00 target price on shares of Symbotic in a report on Monday, January 13th. BWS Financial reaffirmed a “sell” rating and set a $10.00 price objective on shares of Symbotic in a research report on Tuesday, January 21st. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research report on Wednesday, January 8th. UBS Group dropped their price target on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Finally, Craig Hallum lowered shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price target on the stock. in a research report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $38.73.

Symbotic Trading Down 6.3 %

The company’s 50-day moving average is $27.98 and its 200-day moving average is $27.35.

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, hitting the consensus estimate of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The business had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same quarter in the prior year, the company earned ($0.08) EPS. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. Analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Activity at Symbotic

In related news, insider Michael David Dunn sold 63,867 shares of the 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 sale, the insider now directly owns 24,055 shares of the company’s stock, valued at approximately $723,574.40. This represents a 72.64 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Carol J. Hibbard sold 22,821 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the sale, the chief financial officer now directly owns 34,188 shares of the company’s stock, valued at approximately $990,084.48. The trade was a 40.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 117,993 shares of company stock worth $3,490,555 in the last ninety days. Company insiders own 38.30% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently made changes to their positions in SYM. Baillie Gifford & Co. grew its stake in shares of Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Symbotic by 76.8% in the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after buying an additional 379,726 shares in the last quarter. Millennium Management LLC grew its stake in shares of Symbotic by 6,694.5% in the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after buying an additional 330,709 shares in the last quarter. Thematics Asset Management grew its stake in shares of Symbotic by 30.1% in the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after buying an additional 242,661 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Symbotic in the second quarter valued at $4,207,000.

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.