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Why Symbotic Stock Tumbled This Week

TheMotleyFool

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Why Symbotic Stock Tumbled This Week: https://g.foolcdn.com/editorial/images/845661/copy-of-red-decline-stocks-down-bear-1.jpg

Shares of robotics company Symbotic (NASDAQ: SYM) were under pressure this week following the announcement of a share offering on Wednesday. This announcement came on the heels of the company's fourth-quarter report last week, which was mixed in relation to analysts' expectations. Symbotic stock was down 25.2% for the week as of Thursday at 12:50 P.M. ET, according to data provided by S&P Global Market Intelligence.

Image source: Getty Images.

Symbotic disclosed in an SEC filing on Wednesday that it will sell 6.5 million Class A shares as part of a share offering. An additional 3.5 million shares will be offered by an entity controlled by Softbank.

Source Fool.com

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