Insider Selling: Symbotic (NASDAQ:SYM) CTO Sells $766,695.06 in Stock

Symbotic Inc. (NASDAQ:SYM) CTO James Kuffner sold 18,987 shares of the stock in a transaction on Friday, July 24th. The stock was sold at an average price of $40.38, for a total transaction of $766,695.06. Following the transaction, the chief technology officer directly owned 214,062 shares in the company, valued at $8,643,823.56. The trade was a 8.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

James Kuffner also recently made the following trade(s):

• On Tuesday, May 26th, James Kuffner sold 3,878 shares of Symbotic stock. The stock was sold at an average price of $53.51, for a total value of $207,511.78.

Symbotic Stock Performance

SYM opened at $42.94 on Friday. The company has a market cap of $25.88 billion, a PE ratio of -858.63, a price-to-earnings-growth ratio of 5.95 and a beta of 1.93. The stock has a 50-day moving average of $43.65 and a 200-day moving average of $51.57. Symbotic Inc. has a 52-week low of $38.19 and a 52-week high of $87.88.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.11). The company had revenue of $676.48 million during the quarter, compared to the consensus estimate of $662.65 million. Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The firm’s revenue was up 23.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.04) earnings per share. On average, research analysts predict that Symbotic Inc. will post 0.23 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Parkside Financial Bank & Trust raised its position in shares of Symbotic by 100.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock valued at $32,000 after buying an additional 268 shares during the last quarter. Quarry LP acquired a new position in Symbotic in the 4th quarter valued at approximately $36,000. Parallel Advisors LLC raised its holdings in Symbotic by 67.3% in the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after acquiring an additional 249 shares in the last quarter. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Symbotic in the 4th quarter worth approximately $48,000. Finally, NewEdge Advisors LLC lifted its position in shares of Symbotic by 81.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock worth $50,000 after acquiring an additional 573 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SYM shares. Zacks Research downgraded shares of Symbotic from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 7th. DA Davidson reaffirmed a “buy” rating and issued a $70.00 price target on shares of Symbotic in a research report on Monday, May 11th. The Goldman Sachs Group cut their price objective on Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a research report on Tuesday, May 26th. Finally, Weiss Ratings downgraded Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and five have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $66.50.

Symbotic Company Profile

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.