Symbotic (NASDAQ:SYM) Trading Down 5.3% After Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s share price traded down 5.3% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $38.01 and last traded at $38.29. 351,639 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 1,410,380 shares. The stock had previously closed at $40.43.

Specifically, insider Michael David Dunn sold 1,747 shares of Symbotic stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total value of $70,019.76. Following the sale, the insider now directly owns 74,032 shares in the company, valued at approximately $2,967,202.56. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Michael David Dunn sold 1,747 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $40.08, for a total value of $70,019.76. Following the completion of the sale, the insider now directly owns 74,032 shares of the company’s stock, valued at approximately $2,967,202.56. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Richard B. Cohen sold 5,000,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,108,673 shares of company stock worth $275,394,824. Company insiders own 38.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Northland Securities lifted their price target on Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Wednesday, April 10th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 target price on shares of Symbotic in a report on Tuesday, February 6th. Robert W. Baird reduced their target price on shares of Symbotic from $54.00 to $52.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 6th. KeyCorp lowered their price target on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, February 6th. Finally, Needham & Company LLC cut their price objective on shares of Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, February 6th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $54.00.

Symbotic Price Performance

The firm’s 50 day moving average price is $43.13 and its 200-day moving average price is $44.24. The stock has a market cap of $23.19 billion, a P/E ratio of -148.85 and a beta of 1.91.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The company had revenue of $368.45 million during the quarter, compared to analyst estimates of $370.28 million. On average, analysts expect that Symbotic Inc. will post -0.03 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Van ECK Associates Corp purchased a new position in shares of Symbotic during the fourth quarter valued at approximately $26,000. National Bank of Canada FI raised its stake in Symbotic by 66.7% during the 3rd quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock valued at $35,000 after buying an additional 400 shares during the last quarter. Providence Capital Advisors LLC bought a new position in shares of Symbotic during the 3rd quarter valued at $33,000. Pingora Partners LLC purchased a new position in shares of Symbotic in the 4th quarter worth $51,000. Finally, Global Retirement Partners LLC boosted its stake in shares of Symbotic by 166.7% in the 1st quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after buying an additional 660 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.