Symbotic (NASDAQ:SYM) Stock Price Down 1.3% on Insider Selling

Symbotic Inc. (NASDAQ:SYM) fell 1.3% during trading on Monday following insider selling activity. The company traded as low as $43.72 and last traded at $46.47. 1,118,312 shares traded hands during trading, a decline of 39% from the average session volume of 1,846,043 shares. The stock had previously closed at $47.06.

Specifically, insider William M. Boyd III sold 25,000 shares of the business’s stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $49.00, for a total value of $1,225,000.00. Following the transaction, the insider owned 34,544 shares in the company, valued at $1,692,656. The trade was a 41.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniela L. Rus sold 2,706 shares of the stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $49.00, for a total value of $132,594.00. Following the sale, the director owned 23,729 shares of the company’s stock, valued at approximately $1,162,721. The trade was a 10.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director Todd Krasnow sold 4,000 shares of the business’s stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $46.48, for a total value of $185,920.00. Following the transaction, the director directly owned 189,036 shares of the company’s stock, valued at $8,786,393.28. The trade was a 2.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Northland Securities lifted their target price on Symbotic from $35.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. Citigroup reiterated a “buy” rating on shares of Symbotic in a research report on Monday. Arete began coverage on shares of Symbotic in a report on Wednesday, June 25th. They issued a “buy” rating and a $50.00 price target for the company. Arete Research upgraded shares of Symbotic to a “strong-buy” rating and set a $50.00 price objective on the stock in a report on Wednesday, June 25th. Finally, The Goldman Sachs Group cut their price objective on shares of Symbotic from $25.00 to $18.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $39.59.

Symbotic Stock Up 2.1%

The company has a 50-day moving average of $33.53 and a 200-day moving average of $27.39. The company has a market cap of $28.63 billion, a PE ratio of -1,213.75, a PEG ratio of 49.52 and a beta of 2.03.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The firm had revenue of $549.65 million for the quarter, compared to analysts’ expectations of $522.36 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. Symbotic’s revenue was up 39.7% compared to the same quarter last year. As a group, equities analysts predict that Symbotic Inc. will post 0.13 EPS for the current year.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. GAMMA Investing LLC grew its holdings in shares of Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock valued at $29,000 after acquiring an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC purchased a new position in Symbotic in the first quarter worth $31,000. AdvisorNet Financial Inc bought a new position in Symbotic in the 2nd quarter valued at $32,000. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Symbotic during the 4th quarter valued at $47,000. Finally, CWM LLC raised its stake in shares of Symbotic by 408.2% during the 1st quarter. CWM LLC now owns 2,602 shares of the company’s stock worth $53,000 after purchasing an additional 2,090 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.