Symbotic Inc (SYM)

Shares of Symbotic Inc (SYM) dropped by 5.86% from $35.15 to $33.09 in the trading on Wednesday, Novemeber 8, 2023. The reason why SYM is down today is due to low expectation on Q4 earnings, analysts's downgrade and negative effect from broader market.

• Q4 earnings expectation: The company is expected to an EPS of $0.35, lower than the analyst consensus estimate of $0.40. Additionally, revenue is below expectations at $1.5 billion, compared to the estimated $1.6 billion.
• Analysts' downgrade: The stock was further affected by a downgrade from Citigroup, which changed its rating from Buy to Neutral and reduced the price target from $25 to $20. Citigroup analyst Michael Chung expressed concerns about the company's margins and its growth potential in a slowing economy.
• Broader market impact: The broader healthcare sector also experienced a sell-off on November 8, 2023, driven by worries about rising interest rates and a slowing economy, with the Health Care Select Sector SPDR Fund (XLV) dropping by 2.5%.

Shares of Symbotic Information Technology (SYM) dropped by 9.65% from $34.52 to $31.19 in the trading on Tuesday October 3, 2023. The SYM stock is down today is due to significant changes in the company's leadership structure . The automation technology company has announced that Tom Ernst, the current Chief Financial Officer (CFO), will retire by the end of the calendar year. Carol Hibbard has been appointed as Ernst's successor. Hibbard, who previously served as Senior Vice President and Corporate Controller at the Boeing Co., will assume the role of CFO. These leadership transitions have likely impacted investor sentiment and contributed to the stock's decline.

Symbotic Inc. (SYM)'s stock price was down 5.27% from $45.95 to $43.53 on Friday following insider selling activity.

https://www.marketbeat.com/instant-alerts/nasdaq-sym-percent-decline-2023-08-11/

SYM shares dropped 9.33% from $63.54 to $57.61 on Tuesday after William Blair analyst Ross Sparenblek downgraded Symbotic from Outperform to Market Perform.

https://www.benzinga.com/news/23/08/33503515/why-symbotic-stock-plunged-today