Symbotic (NASDAQ:SYM) Trading Down 2.1% Following Insider Selling

Shares of Symbotic Inc. (NASDAQ:SYM) fell 2.1% during mid-day trading on Tuesday following insider selling activity. The stock traded as low as $39.02 and last traded at $39.42. 133,266 shares changed hands during trading, a decline of 90% from the average session volume of 1,391,311 shares. The stock had previously closed at $40.26.

Specifically, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $51.50, for a total transaction of $103,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Symbotic news, insider William M. Boyd III sold 8,825 shares of Symbotic stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $40.34, for a total transaction of $356,000.50. Following the sale, the insider now directly owns 23,012 shares of the company’s stock, valued at approximately $928,304.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Monday, February 5th. The stock was sold at an average price of $51.50, for a total value of $103,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 7,110,447 shares of company stock worth $275,433,529 in the last 90 days. Company insiders own 38.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. William Blair reiterated a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. Robert W. Baird dropped their price objective on shares of Symbotic from $54.00 to $52.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 6th. Needham & Company LLC cut their price target on Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, February 6th. Northland Securities lifted their price objective on Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Finally, KeyCorp cut their target price on Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 6th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Symbotic presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Symbotic Price Performance

The company’s fifty day moving average is $42.97 and its 200-day moving average is $44.24.

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

Institutional Investors Weigh In On Symbotic

Large investors have recently made changes to their positions in the company. Baillie Gifford & Co. purchased a new stake in Symbotic in the first quarter worth about $426,752,000. 1832 Asset Management L.P. lifted its stake 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 buying an additional 690,900 shares in the last quarter. Coatue Management LLC purchased a new stake in Symbotic in the 4th quarter worth $11,088,000. Hodges Capital Management Inc. bought a new stake in Symbotic during the third quarter valued at about $5,740,000. Finally, First Trust Advisors LP boosted its stake in shares of Symbotic by 44.0% in the fourth quarter. First Trust Advisors LP now owns 510,237 shares of the company’s stock worth $26,190,000 after acquiring an additional 155,828 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.