Symbotic (NASDAQ:SYM) Shares Down 6.4% on Insider Selling

Symbotic Inc. (NASDAQ:SYM) fell 6.4% during trading on Wednesday following insider selling activity. The stock traded as low as $55.37 and last traded at $55.2210. 1,148,967 shares changed hands during mid-day trading, a decline of 31% from the average session volume of 1,653,782 shares. The stock had previously closed at $58.99.

Specifically, insider Maria G. Freve sold 6,667 shares of the company’s stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $59.99, for a total transaction of $399,953.33. Following the sale, the insider owned 8,845 shares in the company, valued at $530,611.55. This represents a 42.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO James Kuffner sold 77,321 shares of Symbotic stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $59.76, for a total value of $4,620,702.96. Following the completion of the transaction, the chief technology officer owned 144,982 shares of the company’s stock, valued at $8,664,124.32. The trade was a 34.78% decrease in their position. The SEC filing for this sale provides additional information.

Wall Street Analyst Weigh In

SYM has been the topic of several analyst reports. Wall Street Zen raised shares of Symbotic from a “sell” rating to a “hold” rating in a report on Sunday, November 30th. Northcoast Research downgraded shares of Symbotic from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 25th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a report on Tuesday, November 25th. Cantor Fitzgerald boosted their target price on shares of Symbotic from $60.00 to $82.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Finally, Robert W. Baird increased their target price on Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, November 26th. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $56.79.

Symbotic Trading Down 6.6%

The firm’s fifty day moving average price is $64.65 and its 200-day moving average price is $60.14. The firm has a market cap of $32.59 billion, a price-to-earnings ratio of -367.33, a PEG ratio of 16.73 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, November 24th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.11). The company had revenue of $618.46 million for 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%.Symbotic’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.47 earnings per share. On average, sell-side analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Institutional Trading of Symbotic

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Symbotic by 2.1% during the third quarter. Vanguard Group Inc. now owns 4,695,021 shares of the company’s stock worth $253,062,000 after buying an additional 98,384 shares during the period. UBS Group AG grew its position in shares of Symbotic by 22.3% during the third quarter. UBS Group AG now owns 1,105,770 shares of the company’s stock worth $59,601,000 after acquiring an additional 201,547 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Symbotic by 23.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 726,411 shares of the company’s stock valued at $47,122,000 after acquiring an additional 136,111 shares during the period. ARK Investment Management LLC increased its holdings in shares of Symbotic by 32.4% in the 3rd quarter. ARK Investment Management LLC now owns 589,887 shares of the company’s stock valued at $31,795,000 after acquiring an additional 144,389 shares during the period. Finally, Geode Capital Management LLC raised its position in Symbotic by 0.9% in the 2nd quarter. Geode Capital Management LLC now owns 551,216 shares of the company’s stock valued at $21,419,000 after purchasing an additional 4,892 shares during the last quarter.

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.