Insider Selling: Symbotic (NASDAQ:SYM) Insider Sells $90,388.32 in Stock

Symbotic Inc. (NASDAQ:SYM) insider Maria Freve sold 2,244 shares of the stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $40.28, for a total value of $90,388.32. Following the completion of the transaction, the insider owned 3,096 shares in the company, valued at approximately $124,706.88. The trade was a 42.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Symbotic Stock Down 0.9%

Symbotic stock traded down $0.38 during mid-day trading on Tuesday, hitting $41.11. The company had a trading volume of 792,139 shares, compared to its average volume of 1,861,567. Symbotic Inc. has a 1 year low of $38.19 and a 1 year high of $87.88. The business has a fifty day moving average of $44.09 and a 200 day moving average of $52.17. The stock has a market cap of $24.78 billion, a price-to-earnings ratio of -819.56, a PEG ratio of 5.92 and a beta of 1.93.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.11). Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The firm had revenue of $676.48 million for the quarter, compared to analysts’ expectations of $662.65 million. During the same period in the previous year, the business posted ($0.04) EPS. The business’s revenue for the quarter was up 23.1% compared to the same quarter last year. Equities analysts anticipate that Symbotic Inc. will post 0.23 earnings per share for the current year.

Wall Street Analyst Weigh In

SYM has been the subject of several research analyst reports. The Goldman Sachs Group decreased their price objective on Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a report on Tuesday, May 26th. Zacks Research downgraded shares of Symbotic from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 7th. Weiss Ratings cut shares of Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $70.00 target price on shares of Symbotic in a report on Monday, May 11th. Seven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and five have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $66.50.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently modified their holdings of the business. Parkside Financial Bank & Trust boosted its stake in shares of Symbotic by 100.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock valued at $32,000 after acquiring an additional 268 shares during the last quarter. Quarry LP acquired a new stake in Symbotic during the fourth quarter worth approximately $36,000. Parallel Advisors LLC grew its stake in Symbotic by 67.3% in the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after acquiring an additional 249 shares during the period. Gordian Capital Singapore Pte Ltd purchased a new stake in Symbotic in the 4th quarter worth approximately $48,000. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in Symbotic in the 4th quarter valued at $55,000.

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.