Why Symbotic Plunged Nearly 30% in December
Shares of warehouse automation platform Symbotic (NASDAQ: SYM) fell 29% in December, according to data from S&P Global Market Intelligence.
Symbotic had come into December riding high, after the company reported an impressive third quarter in late November. That capped off a terrific year for the stock, which, despite the December sell-off, finished up just over 150% for the year.
However, management, along with a large shareholder, decided to capitalize on that stock surge to raise money, diluting shareholders through an equity sale in early December.
Source Fool.com
