Symbotic (NASDAQ:SYM) Shares Down 5.3% After Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s stock price was down 5.3% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $38.01 and last traded at $38.29. Approximately 351,639 shares traded hands during trading, a decline of 75% from the average daily volume of 1,410,380 shares. The stock had previously closed at $40.43.

Specifically, insider Michael David Dunn sold 1,747 shares of Symbotic stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total transaction of $70,019.76. Following the completion of the sale, the insider now directly owns 74,032 shares of the company’s stock, valued at approximately $2,967,202.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $51.50, for a total transaction of $103,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Michael David Dunn sold 1,747 shares of the firm’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total value of $70,019.76. Following the transaction, the insider now owns 74,032 shares in the company, valued at approximately $2,967,202.56. The disclosure for this sale can be found here. Insiders have sold a total of 7,108,673 shares of company stock valued at $275,394,824 in the last three months. 38.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on SYM. Robert W. Baird dropped their price target on Symbotic from $54.00 to $52.00 and set an “outperform” rating for the company in a research note on Tuesday, February 6th. The Goldman Sachs Group decreased their target price on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating on the stock in a report on Tuesday, February 6th. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. Needham & Company LLC decreased their price objective on shares of Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, February 6th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research report on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.00.

Symbotic Trading Up 1.6 %

The company has a market capitalization of $23.19 billion, a P/E ratio of -148.85 and a beta of 1.91. The stock has a 50 day moving average price of $43.13 and a 200 day moving average price of $44.24.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. The business had revenue of $368.45 million during the quarter, compared to analysts’ expectations of $370.28 million. On average, research analysts predict that Symbotic Inc. will post -0.03 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SYM. Vanguard Group Inc. lifted its holdings in Symbotic by 2.0% during the 4th quarter. Vanguard Group Inc. now owns 2,081,034 shares of the company’s stock worth $106,819,000 after buying an additional 40,699 shares during the period. 1832 Asset Management L.P. raised its position in shares of Symbotic by 189.5% during the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after acquiring an additional 690,900 shares during the last quarter. Raymond James & Associates raised its position in shares of Symbotic by 6.3% during the first quarter. Raymond James & Associates now owns 616,391 shares of the company’s stock worth $27,738,000 after acquiring an additional 36,515 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Symbotic by 44.0% in the fourth quarter. First Trust Advisors LP now owns 510,237 shares of the company’s stock worth $26,190,000 after acquiring an additional 155,828 shares during the period. Finally, S Squared Technology LLC boosted its holdings in Symbotic by 3.8% in the fourth quarter. S Squared Technology LLC now owns 270,000 shares of the company’s stock valued at $13,859,000 after acquiring an additional 10,000 shares during 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.