Symbotic (NASDAQ:SYM) Sets New 1-Year Low – Here’s What Happened

Symbotic Inc. (NASDAQ:SYM) reached a new 52-week low during trading on Tuesday . The stock traded as low as $38.06 and last traded at $38.63, with a volume of 243197 shares trading hands. The stock had previously closed at $39.67.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $75.00 price objective on shares of Symbotic in a research report on Thursday, August 6th. The Goldman Sachs Group reduced their target price on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research report on Tuesday, May 26th. Robert W. Baird set a $51.00 price target on shares of Symbotic in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Finally, DA Davidson reissued a “buy” rating and issued a $70.00 price objective on shares of Symbotic in a research report on Monday, May 11th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Symbotic presently has an average rating of “Hold” and an average target price of $65.92.

Symbotic Trading Down 3.1%

The company has a market capitalization of $23.26 billion, a price-to-earnings ratio of 427.81, a price-to-earnings-growth ratio of 5.36 and a beta of 1.94. The stock has a 50-day simple moving average of $41.96 and a 200-day simple moving average of $48.55.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). Symbotic had a return on equity of 1.40% and a net margin of 0.48%.The company had revenue of $720.84 million during the quarter, compared to the consensus estimate of $715.03 million. During the same quarter last year, the firm posted ($0.05) EPS. The firm’s quarterly revenue was up 21.7% on a year-over-year basis. On average, research analysts forecast that Symbotic Inc. will post 0.25 EPS for the current year.

Insiders Place Their Bets

In related news, insider William M. Boyd III sold 9,194 shares of Symbotic stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $41.04, for a total value of $377,321.76. Following the completion of the transaction, the insider directly owned 57,112 shares in the company, valued at approximately $2,343,876.48. This trade represents a 13.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Charles Kane sold 2,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $43.21, for a total value of $86,420.00. Following the completion of the sale, the director directly owned 89,852 shares of the company’s stock, valued at approximately $3,882,504.92. This represents a 2.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 84,085 shares of company stock worth $3,468,788. Company insiders own 8.16% of the company’s stock.

Institutional Investors Weigh In On Symbotic

Institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System boosted its holdings in Symbotic by 5,964.6% in the second quarter. California State Teachers Retirement System now owns 3,388,331 shares of the company’s stock worth $152,305,000 after purchasing an additional 3,332,460 shares during the period. AlphaGrep UK Ltd acquired a new stake in shares of Symbotic during the second quarter worth $356,000. Lakeshore Financial Planning Inc. bought a new position in shares of Symbotic in the 2nd quarter worth about $351,000. Concurrent Investment Advisors LLC raised its stake in Symbotic by 5.2% during the second quarter. Concurrent Investment Advisors LLC now owns 5,811 shares of the company’s stock worth $261,000 after acquiring an additional 287 shares during the period. Finally, Nykredit A S acquired a new stake in Symbotic during the second quarter worth about $89,000.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.