Symbotic Inc. (SYM) experienced a notable decline in its stock price on November 25, 2024, closing at $37.47, down 3.39% from the previous close of $38.78. The stock opened strong at $40.65, reaching an intraday high of $40.75, buoyed by Deutsche Bank's decision to raise its price target from $31 to $45, reflecting increased confidence in the company's growth prospects. However, the positive momentum was short-lived as the stock reversed course, hitting a low of $37.37 before settling near the day's close.
The decline in Symbotic's stock price can be attributed to lingering concerns from a class action lawsuit filed against the company, which alleges securities fraud related to its financial results and revenue guidance adjustments announced in July 2024. Despite the initial boost from Deutsche Bank's endorsement, investor sentiment was likely dampened by the ongoing legal issues, contributing to the stock's downward trajectory throughout the trading day.