Charles Kane Sells 2,000 Shares of Symbotic (NASDAQ:SYM) Stock

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $45.99, for a total value of $91,980.00. Following the transaction, the director owned 89,852 shares of the company’s stock, valued at approximately $4,132,293.48. This represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Charles Kane also recently made the following trade(s):

• On Friday, May 1st, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $58.26, for a total value of $116,520.00.
• On Wednesday, April 1st, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $53.74, for a total value of $107,480.00.
• On Monday, March 9th, Charles Kane sold 4,000 shares of Symbotic stock. The stock was sold at an average price of $47.86, for a total value of $191,440.00.

Symbotic Stock Performance

NASDAQ SYM opened at $47.41 on Friday. The stock has a market capitalization of $28.57 billion, a P/E ratio of -948.01, a P/E/G ratio of 6.96 and a beta of 1.91. Symbotic Inc. has a 1 year low of $27.26 and a 1 year high of $87.88. The business’s fifty day moving average is $53.96 and its two-hundred day moving average is $57.76.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.11). Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The firm had revenue of $676.48 million for the quarter, compared to analysts’ expectations of $662.66 million. During the same quarter in the previous year, the firm posted ($0.04) earnings per share. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. On average, research analysts forecast that Symbotic Inc. will post 0.23 earnings per share for the current year.

Institutional Trading of Symbotic

Several hedge funds have recently modified their holdings of the company. Centerpoint Advisors LLC lifted its holdings in shares of Symbotic by 16.7% during the third quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock worth $75,000 after purchasing an additional 200 shares during the period. Federation des caisses Desjardins du Quebec lifted its holdings in shares of Symbotic by 5.2% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 4,493 shares of the company’s stock worth $267,000 after purchasing an additional 224 shares during the period. Barton Investment Management lifted its holdings in shares of Symbotic by 0.8% during the fourth quarter. Barton Investment Management now owns 30,658 shares of the company’s stock worth $1,824,000 after purchasing an additional 233 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Symbotic by 2.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 11,375 shares of the company’s stock worth $677,000 after purchasing an additional 236 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in shares of Symbotic by 67.3% during the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after purchasing an additional 249 shares during the period.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. UBS Group set a $70.00 price objective on shares of Symbotic in a research report on Wednesday, February 18th. Needham & Company LLC upped their price objective on shares of Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Wall Street Zen lowered shares of Symbotic from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. DA Davidson reaffirmed a “buy” rating and set a $70.00 price objective on shares of Symbotic in a research report on Monday, May 11th. Finally, Barclays upped their price objective on shares of Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a research report on Monday, March 16th. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $65.23.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.