Symbotic (NASDAQ:SYM) Shares Down 5.1% on Insider Selling

Symbotic Inc. (NASDAQ:SYM) shares were down 5.1% on Friday after an insider sold shares in the company. The stock traded as low as $65.92 and last traded at $68.52. Approximately 1,887,745 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 1,989,675 shares. The stock had previously closed at $72.19.

Specifically, insider William M. Boyd III sold 2,660 shares of Symbotic stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $75.08, for a total value of $199,712.80. Following the transaction, the insider directly owned 26,769 shares in the company, valued at approximately $2,009,816.52. This trade represents a 9.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder David A. Ladensohn sold 13,500 shares of Symbotic stock in a transaction on Thursday, October 16th. The shares were sold at an average price of $74.44, for a total value of $1,004,940.00. Following the completion of the transaction, the insider owned 2,000 shares in the company, valued at $148,880. This represents a 87.10% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SYM shares. Arete downgraded Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price target on the stock. in a report on Friday, July 25th. Arete Research downgraded Symbotic from a “strong-buy” rating to a “hold” rating in a report on Friday, July 25th. Robert W. Baird downgraded Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 price target on the stock. in a report on Thursday, August 7th. Northcoast Research set a $65.00 price target on Symbotic and gave the company a “buy” rating in a report on Thursday, October 2nd. Finally, Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 1st. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Symbotic has an average rating of “Hold” and an average price target of $44.61.

Symbotic Stock Performance

The company has a 50 day moving average of $54.54 and a two-hundred day moving average of $41.08. The stock has a market capitalization of $40.46 billion, a PE ratio of -978.72, a P/E/G ratio of 11.54 and a beta of 2.06.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYM. GAMMA Investing LLC grew its stake in Symbotic by 1,812.2% during the 1st 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 during the last quarter. AdvisorNet Financial Inc purchased a new stake in Symbotic during the 2nd quarter valued at about $32,000. IAG Wealth Partners LLC purchased a new stake in Symbotic during the 2nd quarter valued at about $32,000. Gables Capital Management Inc. purchased a new stake in Symbotic during the 2nd quarter valued at about $39,000. Finally, NewEdge Advisors LLC grew its stake in Symbotic by 81.5% during the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock valued at $50,000 after purchasing an additional 573 shares during the last quarter.

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.