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

Shares of Symbotic Inc. (NASDAQ:SYM) traded down 5.3% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $38.01 and last traded at $38.29. 351,639 shares were traded 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 the stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total transaction of $70,019.76. Following the transaction, the insider now owns 74,032 shares of the company’s stock, valued at approximately $2,967,202.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Symbotic news, insider Michael David Dunn sold 1,747 shares of Symbotic stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total transaction of $70,019.76. Following the sale, the insider now owns 74,032 shares of the company’s stock, valued at approximately $2,967,202.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction on Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The disclosure for this sale can be found here. Insiders sold a total of 7,108,673 shares of company stock worth $275,394,824 in the last 90 days. 38.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

SYM has been the topic of a number of recent research reports. KeyCorp decreased their target price on Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, February 6th. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Wednesday, February 7th. Northland Securities lifted their price target on Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Wednesday, April 10th. William Blair reiterated a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Symbotic Stock Performance

The stock has a market capitalization of $22.82 billion, a P/E ratio of -146.48 and a beta of 1.91. The stock has a 50-day simple moving average of $43.19 and a 200 day simple moving average of $44.21.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SYM. Taylor Frigon Capital Management LLC raised its stake in Symbotic by 0.5% during the 3rd quarter. Taylor Frigon Capital Management LLC now owns 63,576 shares of the company’s stock worth $2,125,000 after buying an additional 336 shares during the period. National Bank of Canada FI increased its position in shares of Symbotic by 66.7% in the third quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock valued at $35,000 after acquiring an additional 400 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Symbotic by 8.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,875 shares of the company’s stock valued at $250,000 after acquiring an additional 400 shares during the last quarter. Natixis Advisors L.P. increased its position in shares of Symbotic by 4.3% in the fourth quarter. Natixis Advisors L.P. now owns 10,983 shares of the company’s stock valued at $563,000 after acquiring an additional 456 shares during the last quarter. Finally, Van ECK Associates Corp bought a new position in Symbotic during the fourth quarter worth about $26,000.

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.