Symbotic (NASDAQ:SYM) Trading Down 21.5% Following Insider Selling

Symbotic Inc. (NASDAQ:SYM) shares fell 21.5% during trading on Tuesday following insider selling activity. The company traded as low as $66.13 and last traded at $66.95. 7,205,757 shares traded hands during trading, an increase of 246% from the average session volume of 2,084,642 shares. The stock had previously closed at $85.30.

Specifically, Director Merline Saintil sold 9,000 shares of the business’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $84.72, for a total transaction of $762,480.00. Following the sale, the director directly owned 68,413 shares of the company’s stock, valued at $5,795,949.36. The trade was a 11.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO James Kuffner sold 8,348 shares of the stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $81.30, for a total value of $678,692.40. Following the completion of the sale, the chief technology officer owned 30,640 shares of the company’s stock, valued at $2,491,032. The trade was a 21.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Analysts Set New Price Targets

Several research firms recently weighed in on SYM. UBS Group reissued a “sell” rating and set a $35.00 price target (up from $27.00) on shares of Symbotic in a research report on Tuesday, September 23rd. Baird R W cut Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 7th. Barclays upped their target price on Symbotic from $38.00 to $41.00 and gave the company an “underweight” rating in a report on Wednesday, November 26th. Robert W. Baird raised their price target on shares of Symbotic from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, November 26th. Finally, Wall Street Zen raised shares of Symbotic from a “sell” rating to a “hold” rating in a research report on Sunday. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $56.07.

Symbotic Stock Performance

The firm has a market cap of $39.60 billion, a price-to-earnings ratio of -446.33, a price-to-earnings-growth ratio of 24.20 and a beta of 2.10. The firm’s 50 day moving average is $67.35 and its 200-day moving average is $52.07.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, November 24th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.11). The company had revenue of $618.46 million during the quarter, compared to analyst estimates of $604.00 million. Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.The firm’s revenue for the quarter was up 9.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.47 earnings per share. As a group, research analysts predict that Symbotic Inc. will post 0.13 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Private Trust Co. NA raised its holdings in Symbotic by 10.0% in the 2nd quarter. Private Trust Co. NA now owns 2,200 shares of the company’s stock valued at $85,000 after acquiring an additional 200 shares in the last quarter. Centerpoint Advisors LLC increased its position in shares of Symbotic by 16.7% during the third quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock valued at $75,000 after purchasing an additional 200 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Symbotic by 4.3% in the third quarter. PNC Financial Services Group Inc. now owns 6,627 shares of the company’s stock valued at $357,000 after purchasing an additional 273 shares in the last quarter. AlphaQuest LLC lifted its position in Symbotic by 12.9% in the third quarter. AlphaQuest LLC now owns 2,519 shares of the company’s stock worth $136,000 after purchasing an additional 287 shares during the period. Finally, Bouvel Investment Partners LLC lifted its position in Symbotic by 0.8% in the third quarter. Bouvel Investment Partners LLC now owns 44,479 shares of the company’s stock worth $2,397,000 after purchasing an additional 336 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.