Insider Selling: Symbotic Inc. (NASDAQ:SYM) Insider Sells 5,266 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) insider Michael David Dunn sold 5,266 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total transaction of $125,383.46. Following the transaction, the insider now directly owns 85,224 shares of the company’s stock, valued at $2,029,183.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Michael David Dunn also recently made the following trade(s):

• On Wednesday, July 24th, Michael David Dunn sold 1,895 shares of Symbotic stock. The stock was sold at an average price of $36.56, for a total transaction of $69,281.20.
• On Monday, July 15th, Michael David Dunn sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $40.00, for a total transaction of $80,000.00.

Symbotic Stock Up 3.4 %

NASDAQ SYM opened at $23.84 on Friday. Symbotic Inc. has a twelve month low of $17.11 and a twelve month high of $59.82. The business has a 50-day moving average price of $22.63 and a 200-day moving average price of $34.17. The firm has a market cap of $13.96 billion, a price-to-earnings ratio of -99.33 and a beta of 1.84.

Symbotic (NASDAQ:SYM) last posted its quarterly 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). The business had revenue of $491.86 million during the quarter, compared to the consensus estimate of $464.56 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The company’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.07) earnings per share. Research analysts expect that Symbotic Inc. will post -0.08 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SYM has been the subject of several research analyst reports. TD Cowen cut their price objective on Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. KeyCorp lowered their price objective on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. Needham & Company LLC dropped their price objective on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Citigroup decreased their price target on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.23.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently bought and sold shares of SYM. RFP Financial Group LLC boosted its holdings in shares of Symbotic by 21.2% during the 1st quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after purchasing an additional 242 shares during the last quarter. Advisors Asset Management Inc. lifted its position in shares of Symbotic by 11.6% in the first quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock worth $123,000 after buying an additional 284 shares in the last quarter. California State Teachers Retirement System boosted its stake in Symbotic by 4.5% during the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after buying an additional 654 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in Symbotic by 8.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock valued at $304,000 after buying an additional 679 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its stake in Symbotic by 7.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock worth $597,000 after acquiring an additional 800 shares during the last quarter.

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.