Symbotic (NASDAQ:SYM) Shares Down 2.1% After Insider Selling

Symbotic Inc. (NASDAQ:SYM) shares dropped 2.1% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $39.02 and last traded at $39.42. Approximately 133,266 shares traded hands during trading, a decline of 90% from the average daily volume of 1,391,311 shares. The stock had previously closed at $40.26.

Specifically, insider William M. Boyd III sold 8,825 shares of the firm’s stock in a transaction that occurred on Friday, April 26th. The stock was sold at an average price of $40.34, for a total transaction of $356,000.50. Following the completion of the transaction, the insider now owns 23,012 shares in the company, valued at approximately $928,304.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Symbotic news, insider William M. Boyd III sold 8,825 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $40.34, for a total transaction of $356,000.50. Following the sale, the insider now directly owns 23,012 shares of the company’s stock, valued at $928,304.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was 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 have sold a total of 7,110,447 shares of company stock valued at $275,433,529 over the last quarter. 38.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. The Goldman Sachs Group lowered their price target on shares of Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a report on Tuesday, February 6th. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a research report on Wednesday, February 7th. Needham & Company LLC decreased their price target on Symbotic from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, February 6th. Northland Securities boosted their price objective on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Finally, KeyCorp reduced their target price on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Symbotic Price Performance

The business’s 50-day moving average is $42.97 and its two-hundred day moving average is $44.24.

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

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Van ECK Associates Corp acquired a new stake in Symbotic during the 4th quarter worth about $26,000. Providence Capital Advisors LLC purchased a new position in shares of Symbotic during the third quarter valued at approximately $33,000. Global Retirement Partners LLC boosted its holdings in Symbotic by 166.7% during the 1st quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after acquiring an additional 660 shares during the last quarter. Pingora Partners LLC bought a new stake in Symbotic in the 4th quarter worth about $51,000. Finally, Centerpoint Advisors LLC purchased a new stake in shares of Symbotic during the fourth quarter valued at approximately $62,000.

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.