Symbotic (NASDAQ:SYM) Shares Gap Down – Here’s Why

Symbotic Inc. (NASDAQ:SYM)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $21.05, but opened at $20.01. Symbotic shares last traded at $20.21, with a volume of 411,045 shares traded.

Analysts Set New Price Targets

A number of research firms recently commented on SYM. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research note on Thursday, December 5th. The Goldman Sachs Group decreased their price target on shares of Symbotic from $28.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, February 6th. DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price objective for the company in a research report on Wednesday, January 8th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a report on Thursday, February 6th. Finally, TD Cowen upped their price objective on Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $38.20.

Symbotic Price Performance

The company has a market cap of $13.00 billion, a price-to-earnings ratio of -322.54, a P/E/G ratio of 6.48 and a beta of 1.79. The firm’s fifty day moving average price is $27.01 and its 200-day moving average price is $26.57.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. As a group, equities analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.04, for a total transaction of $48,080.00. Following the completion of the sale, the director now directly owns 214,036 shares in the company, valued at approximately $5,145,425.44. This trade represents a 0.93 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Rollin L. Ford sold 28,740 shares of the company’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $26.02, for a total transaction of $747,814.80. Following the completion of the transaction, the director now owns 10,447 shares in the company, valued at approximately $271,830.94. This represents a 73.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 137,854 shares of company stock valued at $3,986,371 over the last ninety days. Insiders own 0.60% of the company’s stock.

Institutional Trading of Symbotic

A number of institutional investors have recently bought and sold shares of SYM. Walmart Inc. acquired a new position in Symbotic in the fourth quarter worth approximately $355,650,000. Baillie Gifford & Co. lifted its stake in shares of Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after purchasing an additional 3,410,050 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Symbotic by 41.3% in the 4th quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company’s stock valued at $117,846,000 after purchasing an additional 1,452,627 shares during the last quarter. Thematics Asset Management lifted its stake in shares of Symbotic by 30.1% in the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after purchasing an additional 242,661 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Symbotic in the 4th quarter valued at $20,754,000.

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.