Insider Selling: Symbotic (NASDAQ:SYM) Director Sells $173,499.48 in Stock

Symbotic Inc. (NASDAQ:SYM) Director Merline Saintil sold 3,414 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $50.82, for a total transaction of $173,499.48. Following the transaction, the director owned 75,344 shares in the company, valued at $3,828,982.08. The trade was a 4.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link.

Symbotic Trading Down 2.3%

Shares of Symbotic stock traded down $1.15 during midday trading on Friday, reaching $49.43. The company had a trading volume of 2,190,484 shares, compared to its average volume of 1,272,249. The company has a market capitalization of $29.77 billion, a price-to-earnings ratio of -494.25, a price-to-earnings-growth ratio of 5.07 and a beta of 2.13. The stock has a fifty day simple moving average of $58.68 and a 200 day simple moving average of $60.67. Symbotic Inc. has a 1-year low of $16.32 and a 1-year high of $87.88.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Wednesday, February 4th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.06). The company had revenue of $629.99 million during the quarter, compared to the consensus estimate of $622.58 million. Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The business’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.03) EPS. Sell-side analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised their price target on Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a report on Tuesday, November 25th. Wall Street Zen cut Symbotic from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Oppenheimer restated an “outperform” rating and set a $83.00 target price on shares of Symbotic in a research report on Tuesday, November 25th. UBS Group set a $70.00 price target on shares of Symbotic in a research report on Wednesday, February 18th. Finally, Cantor Fitzgerald boosted their price target on shares of Symbotic from $60.00 to $82.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $60.57.

Institutional Investors Weigh In On Symbotic

A number of institutional investors have recently made changes to their positions in SYM. Barton Investment Management acquired a new stake in shares of Symbotic in the 3rd quarter valued at approximately $1,640,000. Grove Street Fiduciary LLC increased its stake in Symbotic by 314.4% in the third quarter. Grove Street Fiduciary LLC now owns 35,000 shares of the company’s stock valued at $1,886,000 after purchasing an additional 26,555 shares in the last quarter. Mutual Advisors LLC bought a new stake in Symbotic in the third quarter valued at approximately $1,919,000. Prospera Financial Services Inc acquired a new stake in Symbotic in the second quarter worth $861,000. Finally, ARK Investment Management LLC raised its holdings in Symbotic by 32.4% in the third quarter. ARK Investment Management LLC now owns 589,887 shares of the company’s stock worth $31,795,000 after purchasing an additional 144,389 shares during the period.

About Symbotic

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.