Symbotic (NASDAQ:SYM) Trading Down 2% on Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s share price dropped 2% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $17.46 and last traded at $17.75. Approximately 312,426 shares were traded during trading, a decline of 80% from the average daily volume of 1,549,134 shares. The stock had previously closed at $18.12.

Specifically, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the sale, the director now directly owns 214,036 shares of the company’s stock, valued at $4,013,175. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Wall Street Analysts Forecast Growth

SYM has been the topic of several research analyst reports. BWS Financial restated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research report on Tuesday, July 30th. Vertical Research assumed coverage on Symbotic in a research note on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price objective for the company. The Goldman Sachs Group dropped their price target on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research note on Wednesday, July 31st. Citigroup decreased their price objective on Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Finally, TD Cowen reduced their price target on Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $43.23.

Symbotic Trading Down 0.1 %

The business has a 50-day simple moving average of $28.54 and a 200-day simple moving average of $36.93.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The firm had revenue of $491.86 million during the quarter, compared to analysts’ expectations of $464.56 million. During the same quarter last year, the business earned ($0.07) EPS. The business’s revenue was up 57.7% compared to the same quarter last year. As a group, equities analysts forecast that Symbotic Inc. will post -0.08 EPS for the current fiscal year.

Institutional Investors Weigh In On Symbotic

Institutional investors have recently modified their holdings of the company. Baillie Gifford & Co. boosted its position in shares of Symbotic by 12.4% in the 2nd quarter. Baillie Gifford & Co. now owns 10,660,949 shares of the company’s stock valued at $374,839,000 after purchasing an additional 1,177,578 shares during the period. Vanguard Group Inc. grew its holdings in Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares during the last quarter. 1832 Asset Management L.P. boosted its holdings 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 purchasing an additional 690,900 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after buying an additional 509,700 shares during the period. Finally, Raymond James & Associates raised its position in shares of Symbotic by 8.4% in the 2nd quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock worth $23,491,000 after buying an additional 51,712 shares during the period.

About Symbotic

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.