Symbotic (NASDAQ:SYM) Shares Down 5.9% – Time to Sell?

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on SYM shares. William Blair reiterated a “market perform” rating on shares of Symbotic in a research note on Thursday, December 5th. The Goldman Sachs Group decreased their price objective on shares of Symbotic from $34.00 to $28.00 and set a “neutral” rating for the company in a research report on Wednesday, December 4th. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Wednesday, January 8th. UBS Group reduced their price target on Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Finally, Citigroup reissued a “buy” rating and issued a $37.00 price objective on shares of Symbotic in a report on Monday, January 13th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $38.73.

Symbotic Price Performance

The stock has a market capitalization of $18.43 billion, a PE ratio of -523.00, a P/E/G ratio of 8.26 and a beta of 1.76. The company’s 50 day moving average price is $27.87 and its two-hundred day moving average price is $27.42.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.05. The business 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 6.49%. The business’s revenue was up 47.2% on a year-over-year basis. During the same period last year, the company posted ($0.08) EPS. Analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Michael David Dunn sold 63,867 shares of Symbotic stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $30.08, for a total transaction of $1,921,119.36. Following the sale, the insider now owns 24,055 shares of the company’s stock, valued at approximately $723,574.40. The trade was a 72.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William M. Boyd III sold 8,826 shares of the stock in a transaction that occurred 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 owns 23,012 shares of the company’s stock, valued at $651,929.96. The trade was a 27.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 117,993 shares of company stock valued at $3,490,555. Insiders own 38.30% of the company’s stock.

Institutional Investors Weigh In On Symbotic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Castleview Partners LLC boosted its position in shares of Symbotic by 50.0% during 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 period. The Manufacturers Life Insurance Company boosted its position in shares of Symbotic by 8.5% during the second quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after buying an additional 679 shares during the period. Van ECK Associates Corp boosted its position in shares of Symbotic by 28.4% during the third quarter. Van ECK Associates Corp now owns 3,497 shares of the company’s stock worth $85,000 after buying an additional 774 shares during the period. National Bank of Canada FI grew its stake in shares of Symbotic by 36.8% in the third quarter. National Bank of Canada FI now owns 3,557 shares of the company’s stock valued at $87,000 after buying an additional 957 shares in the last quarter. Finally, RiverPark Advisors LLC raised its holdings 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 buying an additional 1,211 shares during the period.

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.