Symbotic (NASDAQ:SYM) Trading Down 2.3% After Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s stock price dropped 2.3% on Thursday after an insider sold shares in the company. The stock traded as low as $35.13 and last traded at $35.34. Approximately 544,476 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 1,392,861 shares. The stock had previously closed at $36.19.

Specifically, major shareholder David A. Ladensohn sold 50,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder David A. Ladensohn sold 50,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $40.89, for a total transaction of $2,044,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $42.20, for a total value of $84,400.00. Following the completion of the transaction, the director now owns 10,447 shares of the company’s stock, valued at $440,863.40. The disclosure for this sale can be found here. In the last three months, insiders sold 151,958 shares of company stock worth $6,050,192. Corporate insiders own 38.30% of the company’s stock.

Wall Street Analysts Forecast Growth

SYM has been the subject of a number of research reports. Northland Securities lifted their price target on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 10th. Craig Hallum upped their price target on Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Robert W. Baird upped their price target on Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, May 7th. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a report on Friday, May 10th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, May 7th. Two equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Symbotic Trading Down 2.3 %

The firm’s fifty day moving average price is $39.27 and its 200 day moving average price is $42.84. The firm has a market capitalization of $20.66 billion, a PE ratio of -147.24 and a beta of 1.87.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, May 6th. The company reported $0.22 EPS for the quarter, beating the consensus estimate of ($0.03) by $0.25. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. The business had revenue of $424.30 million for the quarter, compared to analysts’ expectations of $415.98 million. As a group, research analysts expect that Symbotic Inc. will post -0.07 EPS for the current year.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently modified their holdings of the business. Van ECK Associates Corp acquired a new position in Symbotic during the 4th quarter worth $26,000. RiverPark Advisors LLC acquired a new position in Symbotic during the 1st quarter worth $37,000. Pingora Partners LLC acquired a new position in Symbotic during the 4th quarter worth $51,000. Global Retirement Partners LLC lifted its position in Symbotic by 166.7% during the 1st quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after acquiring an additional 660 shares during the last quarter. Finally, Centerpoint Advisors LLC acquired a new position in Symbotic during the 4th quarter worth $62,000.

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.