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

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

Specifically, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $51.50, for a total value of $103,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Monday, February 5th. The stock was sold at an average price of $51.50, for a total transaction of $103,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,108,673 shares of company stock worth $275,394,824. Insiders own 38.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on SYM. Northland Securities boosted their price objective on shares of Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. The Goldman Sachs Group dropped 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. Needham & Company LLC dropped their target price on shares of Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, February 6th. KeyCorp dropped their target price on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, February 6th. Finally, DA Davidson raised shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Wednesday, February 7th. Three research analysts have rated the stock with a hold rating and ten have issued 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 Stock Performance

The firm has a market cap of $22.82 billion, a P/E ratio of -146.37 and a beta of 1.91. The company’s 50 day moving average is $43.30 and its 200 day moving average is $44.25.

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

Hedge Funds Weigh In On Symbotic

Several large investors have recently modified their holdings of the business. Taylor Frigon Capital Management LLC raised its stake in shares of Symbotic by 0.5% during the third quarter. Taylor Frigon Capital Management LLC now owns 63,576 shares of the company’s stock valued at $2,125,000 after acquiring an additional 336 shares during the last quarter. National Bank of Canada FI raised its stake in shares of Symbotic by 66.7% during the third quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock valued at $35,000 after acquiring an additional 400 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Symbotic by 8.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock valued at $250,000 after acquiring an additional 400 shares during the last quarter. Natixis Advisors L.P. raised its stake in shares of Symbotic by 4.3% during the fourth quarter. Natixis Advisors L.P. now owns 10,983 shares of the company’s stock valued at $563,000 after acquiring an additional 456 shares during the last quarter. Finally, Van ECK Associates Corp bought a new position in shares of Symbotic during the fourth quarter valued at $26,000.

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.