Symbotic (NASDAQ:SYM) Trading Down 7.1% – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM)’s share price fell 7.1% during trading on Wednesday . The stock traded as low as $31.69 and last traded at $31.90. 949,786 shares were traded during trading, a decline of 39% from the average session volume of 1,566,060 shares. The stock had previously closed at $34.32.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SYM. Vertical Research began coverage on Symbotic in a research report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price objective on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Needham & Company LLC reduced their price objective on Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Northland Securities reduced their price objective on Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research report on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.23.

Symbotic Trading Down 8.2 %

The firm has a fifty day simple moving average of $26.02 and a two-hundred day simple moving average of $31.34. The firm has a market cap of $18.44 billion, a PE ratio of -165.74 and a beta of 1.81.

Insiders Place Their Bets

In other news, CFO Carol J. Hibbard sold 22,821 shares of the firm’s 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 completion of the transaction, the chief financial officer now owns 34,188 shares in the company, valued at $990,084.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $23.96, for a total value of $47,920.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at $47,920. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at $990,084.48. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 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

Large investors have recently added to or reduced their stakes in the stock. Castleview Partners LLC increased its holdings in shares of Symbotic by 50.0% in 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 in the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of Symbotic in the 3rd quarter worth $49,000. RiverPark Advisors LLC increased 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 worth $50,000 after purchasing an additional 1,211 shares in the last quarter. RFP Financial Group LLC increased its holdings in shares of 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 increased its holdings in shares of Symbotic by 19,307.7% in 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 in the last quarter.

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.