Symbotic (SYM) Nosedives 17% on Million-Dollar Share Sale

Company Performance - Symbotic Inc. (NASDAQ:SYM) experienced a significant decline of 17.40%, closing at $60.48, primarily due to investor concerns over plans to issue 10 million new shares [1] - The company plans to sell 6.5 million Class A shares, with the net proceeds intended for general corporate purposes [2] - Goldman Sachs has issued a "sell" recommendation for Symbotic, setting a new price target of $47, citing concerns over the company's customer base and cash flow projections [3][4] Share Issuance Details - Symbotic will grant underwriters a 30-day option to purchase an additional 1.5 million shares at the public offering price [3] - SoftBank Group Corp. will sell 3.5 million shares it owns, with all earnings from this sale going to SoftBank [2] Customer Base and Market Position - While Symbotic's technology has been positively received by Walmart, which has secured systems for all 42 of its regional distribution centers, the company has seen a limited number of independent customers in recent years [4]