10 Stocks Deep in the Red

2. Symbotic Inc. (NASDAQ:SYM)

Symbotic fell by 21.51 percent on Tuesday to close at $66.95 apiece as investors took path from an investment firm’s bearish rating and price target for its stock.

In a market note on the same day, Goldman Sachs issued a “sell” recommendation on shares of Symbotic Inc. (NASDAQ:SYM), alongside a new price target of $47. The figure marked a 30 percent downside potential from its latest closing price.

According to Goldman, the revision was based on its concerns for Symbotic Inc.’s (NASDAQ:SYM) customer base and cash flow projects.

Goldman said that while Symbotic Inc.’s (NASDAQ:SYM) technology was well received by retailing giant Walmart, with the latter securing systems for all 42 of its regional distribution centers, its number of independent customers has become limited in the past few years.

Additionally, the downgrade was sparked by the company’s relationship with GreenBox, with more than half of Symbotic Inc.’s (NASDAQ:SYM) $22.5 billion backlog coming from the former.

Symbotic owns 35 percent of GreenBox, while the remaining 65 percent is held by SoftBank.