Symbotic (NASDAQ:SYM) Trading Down 6.9% – Should You Sell?

Shares of Symbotic Inc. (NASDAQ:SYM) traded down 6.9% during trading on Tuesday . The company traded as low as $52.50 and last traded at $52.94. 2,218,976 shares were traded during trading, an increase of 11% from the average session volume of 1,993,179 shares. The stock had previously closed at $56.89.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SYM shares. Wall Street Zen upgraded shares of Symbotic from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Arete lowered Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price objective for the company. in a research report on Friday, July 25th. Baird R W downgraded Symbotic from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 7th. Barclays began coverage on Symbotic in a research note on Tuesday, October 7th. They issued an “underweight” rating and a $38.00 price target on the stock. Finally, Oppenheimer raised their price objective on Symbotic from $54.00 to $59.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $44.61.

Symbotic Stock Down 6.9%

The firm has a 50-day moving average price of $63.56 and a 200 day moving average price of $48.66. The firm has a market capitalization of $31.26 billion, a PE ratio of -756.18, a price-to-earnings-growth ratio of 9.79 and a beta of 2.10.

Insider Activity at Symbotic

In other Symbotic news, insider William M. Boyd III sold 11,735 shares of Symbotic stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $82.09, for a total value of $963,326.15. Following the completion of the transaction, the insider directly owned 26,769 shares of the company’s stock, valued at $2,197,467.21. The trade was a 30.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Maria G. Freve sold 662 shares of the stock in a transaction dated Tuesday, October 28th. The stock was sold at an average price of $70.95, for a total transaction of $46,968.90. Following the sale, the insider directly owned 1,312 shares in the company, valued at $93,086.40. This represents a 33.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 286,494 shares of company stock worth $14,884,014 over the last ninety days. Company insiders own 0.60% of the company’s stock.

Hedge Funds Weigh In On Symbotic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its stake in shares of Symbotic by 2.1% in the third quarter. Vanguard Group Inc. now owns 4,695,021 shares of the company’s stock valued at $253,062,000 after acquiring an additional 98,384 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Symbotic by 16.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock worth $27,155,000 after purchasing an additional 187,538 shares during the period. UBS Group AG raised its position in Symbotic by 22.3% in the 3rd quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock valued at $59,601,000 after purchasing an additional 201,547 shares in the last quarter. Raymond James Financial Inc. boosted its stake in shares of Symbotic by 12.1% in the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company’s stock valued at $19,824,000 after buying an additional 105,616 shares during the period. Finally, TCW Group Inc. boosted its stake in shares of Symbotic by 1.8% in the 1st quarter. TCW Group Inc. now owns 593,442 shares of the company’s stock valued at $11,993,000 after buying an additional 10,487 shares during the period.

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.