Symbotic (NASDAQ:SYM) Shares Gap Down After Insider Selling

Symbotic Inc. (NASDAQ:SYM) gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $53.63, but opened at $49.00. Symbotic shares last traded at $49.0780, with a volume of 1,875,654 shares trading hands.

Specifically, Director Todd Krasnow sold 19,655 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $53.73, for a total transaction of $1,056,063.15. Following the completion of the sale, the director owned 177,036 shares of the company’s stock, valued at $9,512,144.28. This represents a 9.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Todd Krasnow sold 6,978 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $52.12, for a total transaction of $363,693.36. Following the completion of the transaction, the director directly owned 3,367 shares in the company, valued at approximately $175,488.04. The trade was a 67.45% decrease in their position. The SEC filing for this sale provides additional information. In related news, CTO James Kuffner sold 3,878 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $53.51, for a total transaction of $207,511.78. Following the completion of the sale, the chief technology officer directly owned 185,126 shares in the company, valued at approximately $9,906,092.26. The trade was a 2.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analysts Set New Price Targets

SYM has been the topic of several recent research reports. Barclays increased their price target on shares of Symbotic from $42.00 to $44.00 and gave the stock an “underweight” rating in a research report on Monday, March 16th. The Goldman Sachs Group reduced their price objective on Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a research note on Tuesday. Weiss Ratings cut Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Needham & Company LLC boosted their price target on Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Finally, DA Davidson restated a “buy” rating and issued a $70.00 price target on shares of Symbotic in a research report on Monday, May 11th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat, Symbotic currently has a consensus rating of “Hold” and a consensus target price of $65.23.

Symbotic Stock Performance

The company’s 50-day moving average price is $54.41 and its 200 day moving average price is $58.47. The stock has a market capitalization of $29.80 billion, a P/E ratio of -986.60, a P/E/G ratio of 7.80 and a beta of 2.03.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.11). The firm had revenue of $676.48 million during the quarter, compared to the consensus estimate of $662.66 million. Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The company’s quarterly revenue was up 23.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.04) EPS. Analysts predict that Symbotic Inc. will post 0.23 earnings per share for the current year.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. MAI Capital Management grew its holdings in Symbotic by 833.3% during the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after buying an additional 500 shares in the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Symbotic by 100.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock worth $32,000 after buying an additional 268 shares in the last quarter. Quarry LP purchased a new position in shares of Symbotic in the fourth quarter worth $36,000. Parallel Advisors LLC boosted its position in shares of Symbotic by 67.3% during the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after acquiring an additional 249 shares during the last quarter. Finally, Ameriflex Group Inc. grew its stake in Symbotic by 1,500.0% during the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after acquiring an additional 660 shares in the last quarter.

Symbotic Company Profile

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.