Symbotic Inc. (NASDAQ:SYM – Get Free Report) traded down 2.3% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $61.16 and last traded at $61.75. 743,203 shares changed hands during trading, a decline of 62% from the average session volume of 1,935,457 shares. The stock had previously closed at $63.21.
The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.08). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The company had revenue of $592.12 million for the quarter, compared to the consensus estimate of $533.55 million. During the same quarter last year, the business posted ($0.02) EPS. Symbotic’s quarterly revenue was up 25.9% on a year-over-year basis.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently commented on SYM shares. Citigroup reaffirmed a “buy” rating on shares of Symbotic in a research report on Monday, July 14th. Northland Securities raised their price target on Symbotic from $35.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. Arete lowered Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price target on the stock. in a research report on Friday, July 25th. Deutsche Bank Aktiengesellschaft lowered Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price target on the stock. in a research report on Friday, July 18th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $54.00 price target (up previously from $35.00) on shares of Symbotic in a research report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $39.87.
Insiders Place Their Bets
In other news, CFO Carol J. Hibbard sold 6,293 shares of the company’s stock in a transaction on Monday, August 4th. The stock was sold at an average price of $55.42, for a total transaction of $348,758.06. Following the completion of the sale, the chief financial officer directly owned 61,971 shares in the company, valued at approximately $3,434,432.82. This represents a 9.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider William M. Boyd III sold 11,735 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $50.42, for a total value of $591,678.70. Following the sale, the insider owned 31,884 shares of the company’s stock, valued at approximately $1,607,591.28. The trade was a 26.90% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 81,536 shares of company stock worth $3,590,569 over the last three months. 0.60% of the stock is currently owned by corporate insiders.
Institutional Trading of Symbotic
A number of institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its holdings in shares of Symbotic by 1,812.2% during the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock worth $29,000 after buying an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC acquired a new position in shares of Symbotic during the 1st quarter worth $31,000. AdvisorNet Financial Inc acquired a new position in shares of Symbotic during the 2nd quarter worth $32,000. Gables Capital Management Inc. acquired a new position in shares of Symbotic during the 2nd quarter worth $39,000. Finally, CWM LLC raised its holdings in shares of Symbotic by 408.2% during the 1st quarter. CWM LLC now owns 2,602 shares of the company’s stock worth $53,000 after buying an additional 2,090 shares in the last quarter.
Symbotic Stock Performance
The company has a market cap of $37.09 billion, a price-to-earnings ratio of -1,572.50, a PEG ratio of 65.84 and a beta of 2.06. The business has a fifty day moving average price of $41.42 and a 200 day moving average price of $30.25.
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.
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