Symbotic (NASDAQ:SYM) Trading Down 1.3% Following Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s share price traded down 1.3% on Monday following insider selling activity. The stock traded as low as $43.72 and last traded at $46.47. 1,118,312 shares were traded during mid-day trading, a decline of 39% from the average session volume of 1,846,043 shares. The stock had previously closed at $47.06.

Specifically, insider William M. Boyd III sold 25,000 shares of the company’s stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $49.00, for a total transaction of $1,225,000.00. Following the completion of the sale, the insider directly owned 34,544 shares in the company, valued at $1,692,656. This represents a 41.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Daniela L. Rus sold 2,706 shares of the company’s stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $49.00, for a total value of $132,594.00. Following the sale, the director owned 23,729 shares of the company’s stock, valued at $1,162,721. This represents a 10.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the company’s stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $46.48, for a total transaction of $185,920.00. Following the completion of the sale, the director directly owned 189,036 shares in the company, valued at $8,786,393.28. This represents a 2.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SYM shares. Arete started coverage on Symbotic in a research report on Wednesday, June 25th. They issued a “buy” rating and a $50.00 target price for the company. BWS Financial reaffirmed a “sell” rating and issued a $10.00 target price on shares of Symbotic in a research report on Wednesday, April 2nd. The Goldman Sachs Group decreased their target price on Symbotic from $25.00 to $18.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Citigroup reaffirmed a “buy” rating on shares of Symbotic in a research report on Monday. Finally, Northland Securities upped their target price on Symbotic from $35.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $39.59.

Symbotic Price Performance

The stock has a market cap of $28.03 billion, a PE ratio of -1,188.50, a P/E/G ratio of 49.02 and a beta of 2.03. The business has a fifty day moving average of $33.01 and a 200 day moving average of $27.24.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The firm had revenue of $549.65 million for the quarter, compared to the consensus estimate of $522.36 million. During the same period in the prior year, the business earned ($0.07) EPS. The company’s quarterly revenue was up 39.7% on a year-over-year basis. On average, equities research analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Walmart Inc. bought a new position in Symbotic during the 4th quarter worth approximately $355,650,000. Vanguard Group Inc. lifted its holdings in Symbotic by 41.3% during the 4th quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company’s stock worth $117,846,000 after buying an additional 1,452,627 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Symbotic by 16.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock worth $27,155,000 after buying an additional 187,538 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in Symbotic by 12.1% during the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company’s stock worth $19,824,000 after buying an additional 105,616 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Symbotic by 25.9% during the 4th quarter. Invesco Ltd. now owns 727,890 shares of the company’s stock worth $17,258,000 after purchasing an additional 149,918 shares during the period.

About Symbotic

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.