Symbotic (NASDAQ:SYM) Stock Price Down 1.8% Following Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s share price fell 1.8% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $52.69 and last traded at $53.20. 868,002 shares changed hands during trading, a decline of 58% from the average session volume of 2,080,376 shares. The stock had previously closed at $54.18.

Specifically, Director Daniela L. Rus sold 1,000 shares of the business’s stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $48.33, for a total value of $48,330.00. Following the sale, the director directly owned 22,729 shares in the company, valued at $1,098,492.57. The trade was a 4.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider William M. Boyd III sold 2,660 shares of the business’s stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $48.86, for a total value of $129,967.60. Following the completion of the sale, the insider owned 31,884 shares in the company, valued at approximately $1,557,852.24. This trade represents a 7.70% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

SYM has been the topic of several analyst reports. Northland Securities upped their target price on Symbotic from $35.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, July 8th. Citigroup reiterated a “buy” rating on shares of Symbotic in a report on Monday. BWS Financial reiterated a “sell” rating and set a $10.00 target price on shares of Symbotic in a report on Wednesday, April 2nd. Arete initiated coverage on Symbotic in a report on Wednesday, June 25th. They set a “buy” rating and a $50.00 target price on the stock. Finally, Oppenheimer reiterated an “outperform” rating and set a $54.00 target price (up previously from $35.00) on shares of Symbotic in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $40.24.

Symbotic Price Performance

The firm has a 50-day moving average price of $35.33 and a 200 day moving average price of $27.98. The company has a market cap of $32.16 billion, a price-to-earnings ratio of -1,363.50, a P/E/G ratio of 56.44 and a beta of 2.03.

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

Institutional Investors Weigh In On Symbotic

Several institutional investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC boosted its stake in shares of Symbotic by 24.0% in the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company’s stock valued at $69,000 after buying an additional 342 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Symbotic by 1.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 48,672 shares of the company’s stock valued at $1,154,000 after buying an additional 619 shares during the period. Swiss National Bank boosted its stake in shares of Symbotic by 0.9% in the first quarter. Swiss National Bank now owns 82,400 shares of the company’s stock valued at $1,665,000 after buying an additional 700 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Symbotic by 4.6% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,208 shares of the company’s stock valued at $348,000 after buying an additional 757 shares during the period. Finally, AdvisorNet Financial Inc bought a new stake in shares of Symbotic in the second quarter valued at approximately $32,000.

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.