Symbotic (NASDAQ:SYM) Trading Down 1.1% Following Insider Selling

Symbotic Inc. (NASDAQ:SYM) shares were down 1.1% during mid-day trading on Friday following insider selling activity. The company traded as low as $17.64 and last traded at $17.81. Approximately 496,776 shares traded hands during trading, a decline of 68% from the average daily volume of 1,551,428 shares. The stock had previously closed at $18.00.

Specifically, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the transaction, the director now directly owns 214,036 shares in the company, valued at $4,013,175. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Craig Hallum decreased their price target on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. BWS Financial restated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research report on Tuesday, July 30th. TD Cowen dropped their target price on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a report on Tuesday, July 30th. Northland Securities dropped their price target on Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 30th. Finally, Robert W. Baird cut their price objective on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Symbotic currently has a consensus rating of “Moderate Buy” and an average price target of $43.23.

Symbotic Stock Down 0.1 %

The stock has a market cap of $10.53 billion, a P/E ratio of -74.96 and a beta of 1.81. The firm has a 50 day simple moving average of $28.54 and a 200-day simple moving average of $36.89.

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 analysts’ consensus estimates of $0.02 by ($0.04). Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The business had revenue of $491.86 million during the quarter, compared to the consensus estimate of $464.56 million. During the same quarter last year, the company posted ($0.07) EPS. The firm’s revenue was up 57.7% on a year-over-year basis. On average, equities analysts anticipate that Symbotic Inc. will post -0.08 earnings per share for the current year.

Hedge Funds Weigh In On Symbotic

Large investors have recently modified their holdings of the stock. Baillie Gifford & Co. increased its position in Symbotic by 12.4% during the second quarter. Baillie Gifford & Co. now owns 10,660,949 shares of the company’s stock worth $374,839,000 after acquiring an additional 1,177,578 shares during the period. Vanguard Group Inc. raised its holdings in Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after buying an additional 345,386 shares during the last quarter. 1832 Asset Management L.P. raised its stake in shares of Symbotic by 189.5% during the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock valued at $54,174,000 after acquiring an additional 690,900 shares during the last quarter. Canada Pension Plan Investment Board raised its position in Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after purchasing an additional 509,700 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in shares of Symbotic by 8.4% in the second quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock worth $23,491,000 after acquiring an additional 51,712 shares during the period.

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.