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

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

Specifically, insider Michael David Dunn sold 1,200 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $44.02, for a total value of $52,824.00. Following the sale, the insider now owns 70,832 shares of the company’s stock, valued at $3,118,024.64. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total value of $70,980.00. Following the completion of the sale, the director now owns 2,000 shares in the company, valued at $70,980. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael David Dunn sold 1,200 shares of the stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $44.02, for a total transaction of $52,824.00. Following the completion of the sale, the insider now owns 70,832 shares of the company’s stock, valued at approximately $3,118,024.64. The disclosure for this sale can be found here. Insiders have sold a total of 149,958 shares of company stock valued at $5,965,792 over the last 90 days. 38.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Northland Securities increased their price target on shares of Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Robert W. Baird raised their target price on shares of Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 7th. William Blair restated a “market perform” rating on shares of Symbotic in a research note on Friday, May 10th. Needham & Company LLC restated a “buy” rating and set a $54.00 target price on shares of Symbotic in a research note on Tuesday, May 7th. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a research note 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Symbotic Price Performance

The firm has a market capitalization of $20.66 billion, a P/E ratio of -147.24 and a beta of 1.87. The business’s 50-day moving average is $39.19 and its 200 day moving average is $42.79.

Symbotic (NASDAQ:SYM) last released its 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 firm had revenue of $424.30 million for the quarter, compared to analyst estimates of $415.98 million. Analysts anticipate that Symbotic Inc. will post -0.07 EPS for the current fiscal year.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. bought a new stake in shares of Symbotic during the 1st quarter valued at approximately $426,752,000. 1832 Asset Management L.P. grew its holdings in shares of Symbotic by 189.5% during the 4th quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after purchasing an additional 690,900 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after purchasing an additional 345,386 shares during the last quarter. Zevenbergen Capital Investments LLC grew its holdings in shares of Symbotic by 1,826.2% during the 1st quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock valued at $16,253,000 after purchasing an additional 342,417 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Symbotic during the 1st quarter valued at approximately $12,219,000.

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.