Symbotic (NASDAQ:SYM) Director Sells $76,880.00 in Stock

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of Symbotic stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $38.44, for a total value of $76,880.00. Following the completion of the transaction, the director owned 89,852 shares in the company, valued at approximately $3,453,910.88. The trade was a 2.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Thursday, October 1st, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $43.17, for a total value of $86,340.00.
• On Tuesday, September 1st, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $39.00, for a total value of $78,000.00.

Symbotic Trading Up 5.1%

Shares of Symbotic stock opened at $36.82 on Friday. The firm has a market capitalization of $22.27 billion, a PE ratio of 413.67, a P/E/G ratio of 3.52 and a beta of 2.06. The firm’s 50-day moving average price is $40.92 and its 200 day moving average price is $47.44. Symbotic Inc. has a twelve month low of $33.17 and a twelve month high of $87.88.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The business had revenue of $720.84 million during the quarter, compared to analysts’ expectations of $715.03 million. Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The firm’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.05) earnings per share. On average, sell-side analysts predict that Symbotic Inc. will post 0.21 EPS for the current fiscal year.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Sei Investments Co. boosted its stake in Symbotic by 21.0% in the 1st quarter. Sei Investments Co. now owns 144,420 shares of the company’s stock worth $7,683,000 after purchasing an additional 25,024 shares during the period. Dimensional Fund Advisors LP raised its position in Symbotic by 26.6% during the first quarter. Dimensional Fund Advisors LP now owns 109,015 shares of the company’s stock valued at $5,789,000 after purchasing an additional 22,895 shares during the period. Amundi grew its holdings in Symbotic by 68.5% during the 1st quarter. Amundi now owns 108,553 shares of the company’s stock worth $5,775,000 after acquiring an additional 44,132 shares in the last quarter. Royal Bank of Canada boosted its position in Symbotic by 41.1% in the first quarter. Royal Bank of Canada now owns 100,018 shares of the company’s stock valued at $5,321,000 after buying an additional 29,152 shares during the last quarter. Finally, Wealthfront Advisers LLC raised its position in shares of Symbotic by 168.1% during the 1st quarter. Wealthfront Advisers LLC now owns 71,248 shares of the company’s stock worth $3,790,000 after purchasing an additional 44,676 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SYM. Weiss Ratings raised Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, September 21st. TD Cowen lowered their price objective on Symbotic from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, October 22nd. Needham & Company LLC lowered their target price on Symbotic from C$75.00 to C$60.00 and set a “buy” rating for the company in a report on Tuesday, September 15th. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Finally, Robert W. Baird set a $51.00 price objective on Symbotic in a research report on Thursday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $65.83.

Symbotic Company Profile

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for supply chain and warehouse operations. Its systems are designed to automate the movement, storage, retrieval and replenishment of pallets and cases within large distribution centers, helping customers manage inventory and fulfill orders more efficiently.

The company’s platform combines mobile robots, automated storage and retrieval systems, robotic palletizing and depalletizing equipment, and warehouse-control software.