Insider Selling: Symbotic (NASDAQ:SYM) Insider Sells $199,712.80 in Stock

Symbotic Inc. (NASDAQ:SYM) insider William Boyd III sold 2,660 shares of the stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $75.08, for a total value of $199,712.80. Following the completion of the sale, the insider directly owned 26,769 shares of the company’s stock, valued at approximately $2,009,816.52. This represents a 9.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Symbotic Stock Down 5.1%

SYM stock opened at $68.52 on Monday. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $79.58. The stock has a market cap of $40.46 billion, a price-to-earnings ratio of -978.72, a price-to-earnings-growth ratio of 11.54 and a beta of 2.06. The business has a fifty day moving average of $54.54 and a two-hundred day moving average of $41.24.

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Citigroup restated a “buy” rating on shares of Symbotic in a research report on Monday, July 14th. Deutsche Bank Aktiengesellschaft downgraded Symbotic from a “buy” rating to a “hold” rating and set a $51.00 target price on the stock. in a research report on Friday, July 18th. Arete downgraded Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research report on Friday, July 25th. Oppenheimer raised their price target on Symbotic from $54.00 to $59.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Finally, Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 1st. Seven research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $44.61.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Symbotic by 16.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock valued at $27,155,000 after purchasing an additional 187,538 shares during the period. Raymond James Financial Inc. boosted its holdings in Symbotic by 12.1% in the first quarter. Raymond James Financial Inc. now owns 980,922 shares of the company’s stock valued at $19,824,000 after purchasing an additional 105,616 shares during the period. TCW Group Inc. boosted its holdings in Symbotic by 1.8% in the first quarter. TCW Group Inc. now owns 593,442 shares of the company’s stock valued at $11,993,000 after purchasing an additional 10,487 shares during the period. Geode Capital Management LLC boosted its holdings in Symbotic by 0.9% in the second quarter. Geode Capital Management LLC now owns 551,216 shares of the company’s stock valued at $21,419,000 after purchasing an additional 4,892 shares during the period. Finally, Amanah Holdings Trust purchased a new position in Symbotic in the second quarter valued at $19,824,000.

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.