Symbotic (NASDAQ:SYM) Insider Maria Freve Sells 482 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) insider Maria Freve sold 482 shares of the company’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $68.47, for a total transaction of $33,002.54. Following the sale, the insider directly owned 1,974 shares of the company’s stock, valued at approximately $135,159.78. This trade represents a 19.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Symbotic Trading Up 8.6%

Shares of Symbotic stock opened at $70.69 on Tuesday. The company has a fifty day moving average price of $56.45 and a 200 day moving average price of $43.29. Symbotic Inc. has a twelve month low of $16.32 and a twelve month high of $79.58. The stock has a market cap of $41.74 billion, a price-to-earnings ratio of -1,009.71, a price-to-earnings-growth ratio of 10.96 and a beta of 2.06.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.08). Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The business had revenue of $592.12 million for the quarter, compared to analysts’ expectations of $533.55 million. During the same period last year, the company posted ($0.02) earnings per share. The firm’s revenue for the quarter was up 25.9% on a year-over-year basis. Analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SYM. Weiss Ratings reiterated a “hold (c-)” rating on shares of Symbotic in a report on Wednesday, October 8th. Barclays began coverage on shares of Symbotic in a report on Tuesday, October 7th. They issued an “underweight” rating and a $38.00 price objective on the stock. UBS Group reiterated a “sell” rating and issued a $35.00 price objective (up previously from $27.00) on shares of Symbotic in a report on Tuesday, September 23rd. DA Davidson reiterated a “neutral” rating and issued a $47.00 price objective (up previously from $35.00) on shares of Symbotic in a report on Monday, August 25th. Finally, Robert W. Baird lowered shares of Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 price objective on the stock. in a report on Thursday, August 7th. Seven analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, Symbotic has a consensus rating of “Hold” and a consensus price target of $44.61.

Institutional Investors Weigh In On Symbotic

Institutional investors have recently modified their holdings of the stock. Amanah Holdings Trust acquired a new stake in shares of Symbotic in the 2nd quarter valued at about $19,824,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Symbotic by 21.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company’s stock valued at $348,000 after purchasing an additional 3,024 shares in the last quarter. Amundi raised its stake in shares of Symbotic by 53.0% in the 1st quarter. Amundi now owns 72,192 shares of the company’s stock valued at $1,459,000 after purchasing an additional 24,993 shares in the last quarter. ARK Investment Management LLC raised its stake in shares of Symbotic by 13.3% in the 2nd quarter. ARK Investment Management LLC now owns 445,498 shares of the company’s stock valued at $17,308,000 after purchasing an additional 52,205 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Symbotic by 35.7% in the 1st quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company’s stock valued at $1,224,000 after purchasing an additional 15,947 shares in the last quarter.

Symbotic Company Profile

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.