Symbotic (NASDAQ:SYM) Stock Price Down 2.3% on Insider Selling

Symbotic Inc. (NASDAQ:SYM) shares dropped 2.3% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $52.10 and last traded at $52.46. Approximately 497,389 shares were traded during trading, a decline of 75% from the average daily volume of 1,988,003 shares. The stock had previously closed at $53.68.

Specifically, Director Rollin L. Ford sold 90,000 shares of the business’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total value of $4,641,300.00. Following the transaction, the director directly owned 14,507 shares in the company, valued at $748,125.99. The trade was a 86.12% 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, major shareholder David A. Ladensohn sold 15,000 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $54.35, for a total transaction of $815,250.00. Following the completion of the transaction, the insider owned 10,000 shares in the company, valued at approximately $543,500. This trade represents a 60.00% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

A number of equities analysts have weighed in on SYM shares. Robert W. Baird downgraded shares of Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research note on Thursday, August 7th. Northland Securities boosted their target price on shares of Symbotic from $35.00 to $56.00 and gave the stock an “outperform” rating in a research note on Tuesday, July 8th. Arete Research downgraded shares of Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Citigroup reaffirmed a “buy” rating on shares of Symbotic in a research note on Monday, July 14th. Finally, Needham & Company LLC boosted their target price on shares of Symbotic from $32.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Symbotic currently has an average rating of “Hold” and a consensus price target of $42.69.

Symbotic Price Performance

The firm has a market capitalization of $31.09 billion, a P/E ratio of -753.18, a P/E/G ratio of 55.92 and a beta of 2.06. The stock’s 50 day moving average is $44.96 and its two-hundred day moving average is $31.37.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.08). The business had revenue of $592.12 million for the quarter, compared to the consensus estimate of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%. The company’s quarterly revenue was up 25.9% on a year-over-year basis. During the same period last year, the firm earned ($0.02) earnings per share. As a group, equities research analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Institutional Investors Weigh In On Symbotic

Several large investors have recently bought and sold shares of SYM. GAMMA Investing LLC increased its stake in 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 purchasing an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC bought a new stake in Symbotic in the first quarter valued at approximately $31,000. AdvisorNet Financial Inc bought a new stake in Symbotic in the second quarter valued at approximately $32,000. IAG Wealth Partners LLC bought a new stake in Symbotic in the second quarter valued at approximately $32,000. Finally, Gables Capital Management Inc. bought a new stake in Symbotic in the second quarter valued at approximately $39,000.

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.