Symbotic (NASDAQ:SYM) Director Charles Kane Sells 2,000 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of Symbotic stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $44.90, for a total value of $89,800.00. Following the sale, the director owned 89,852 shares in the company, valued at $4,034,354.80. The trade was a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Charles Kane also recently made the following trade(s):

• On Monday, June 1st, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $45.99, for a total transaction of $91,980.00.
• On Friday, May 1st, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $58.26, for a total transaction of $116,520.00.

Symbotic Stock Performance

NASDAQ SYM opened at $43.21 on Tuesday. The company has a market capitalization of $26.04 billion, a PE ratio of -864.03, a price-to-earnings-growth ratio of 6.30 and a beta of 1.93. Symbotic Inc. has a 52-week low of $38.19 and a 52-week high of $87.88. The company has a 50-day simple moving average of $47.84 and a 200 day simple moving average of $54.14.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.11). Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The company had revenue of $676.48 million during the quarter, compared to analysts’ expectations of $662.65 million. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. The firm’s revenue was up 23.1% compared to the same quarter last year. As a group, analysts forecast that Symbotic Inc. will post 0.23 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. DA Davidson reissued a “buy” rating and set a $70.00 price objective on shares of Symbotic in a report on Monday, May 11th. Barclays boosted their target price on Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a research note on Monday, March 16th. Weiss Ratings downgraded Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Finally, 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. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $65.23.

Institutional Investors Weigh In On Symbotic

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Symbotic by 47.6% in the fourth quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company’s stock worth $412,463,000 after acquiring an additional 2,237,137 shares during the period. Morgan Stanley raised its stake in shares of Symbotic by 85.4% during the 4th quarter. Morgan Stanley now owns 2,530,874 shares of the company’s stock valued at $150,587,000 after purchasing an additional 1,165,513 shares during the period. JPMorgan Chase & Co. lifted its holdings in Symbotic by 51,346.1% during the 4th quarter. JPMorgan Chase & Co. now owns 2,174,372 shares of the company’s stock worth $129,375,000 after purchasing an additional 2,178,615 shares in the last quarter. UBS Group AG boosted its stake in Symbotic by 22.3% in the 3rd quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock worth $59,601,000 after purchasing an additional 201,547 shares during the period. Finally, Ghisallo Capital Management LLC purchased a new position in Symbotic during the 4th quarter valued at about $63,034,000.

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.