Symbotic (NASDAQ:SYM) Stock Price Down 4.8% on Insider Selling

Shares of Symbotic Inc. (NASDAQ:SYM) were down 4.8% on Thursday following insider selling activity. The company traded as low as $27.61 and last traded at $27.71. Approximately 386,867 shares changed hands during trading, a decline of 85% from the average daily volume of 2,551,775 shares. The stock had previously closed at $29.11.

Specifically, Director Todd Krasnow sold 10,447 shares of Symbotic stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $27.05, for a total value of $282,591.35. Following the transaction, the director now owns 194,036 shares of the company’s stock, valued at approximately $5,248,673.80. This trade represents a 5.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Ratings Changes

Several equities analysts have weighed in on SYM shares. TD Cowen lifted their price objective on shares of Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, November 26th. Raymond James lowered Symbotic from an “outperform” rating to a “market perform” rating in a report on Thursday, February 6th. Northland Securities lifted their target price on shares of Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a research note on Thursday, February 6th. Finally, William Blair reissued a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $38.33.

Symbotic Trading Down 2.4 %

The firm’s fifty day moving average price is $27.31 and its 200-day moving average price is $26.46. The company has a market cap of $15.90 billion, a P/E ratio of -386.52, a P/E/G ratio of 6.45 and a beta of 1.79.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. As a group, research analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently modified their holdings of the company. IFP Advisors Inc lifted its position in Symbotic by 58.2% in the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock worth $32,000 after purchasing an additional 503 shares during the period. Castleview Partners LLC raised its stake in shares of Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after buying an additional 500 shares in the last quarter. Private Trust Co. NA bought a new position in shares of Symbotic during the 4th quarter worth about $47,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Symbotic during the 4th quarter valued at about $47,000. Finally, Arcadia Investment Management Corp MI bought a new stake in Symbotic in the third quarter valued at about $49,000.

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.