Symbotic (NASDAQ:SYM) Stock Price Down 2.3% Following Insider Selling

Shares of Symbotic Inc. (NASDAQ:SYM) fell 2.3% on Friday after an insider sold shares in the company. The stock traded as low as $48.92 and last traded at $49.43. 2,189,846 shares changed hands during mid-day trading, an increase of 16% from the average session volume of 1,893,174 shares. The stock had previously closed at $50.58.

Specifically, Director Merline Saintil sold 3,414 shares of the stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $50.82, for a total value of $173,499.48. Following the transaction, the director owned 75,344 shares of the company’s stock, valued at approximately $3,828,982.08. This represents a 4.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $47.70, for a total value of $95,400.00. The SEC filing for this sale provides additional information. In other news, Director Charles Kane sold 4,000 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $47.86, for a total transaction of $191,440.00. Following the completion of the sale, the director owned 89,852 shares of the company’s stock, valued at $4,300,316.72. This represents a 4.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on SYM shares. Citigroup reissued an “outperform” rating on shares of Symbotic in a report on Thursday, February 5th. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Wall Street Zen downgraded shares of Symbotic from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. The Goldman Sachs Group reiterated a “sell” rating and set a $50.00 price target on shares of Symbotic in a research note on Thursday, January 15th. Finally, Northcoast Research downgraded shares of Symbotic from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 25th. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $60.57.

Symbotic Price Performance

The firm has a market capitalization of $29.77 billion, a PE ratio of -494.25, a P/E/G ratio of 4.96 and a beta of 2.13. The company has a 50-day moving average price of $58.68 and a 200 day moving average price of $60.76.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.06). Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The business had revenue of $629.99 million for the quarter, compared to analysts’ expectations of $622.58 million. During the same quarter in the prior year, the business posted ($0.03) EPS. The business’s revenue for the quarter was up 29.4% compared to the same quarter last year. As a group, research analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current year.

Institutional Investors Weigh In On Symbotic

Several institutional investors and hedge funds have recently modified their holdings of SYM. Parkside Financial Bank & Trust boosted its position in shares of Symbotic by 100.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock worth $32,000 after acquiring an additional 268 shares during the last quarter. MAI Capital Management grew its stake in Symbotic by 833.3% during the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares in the last quarter. Quarry LP bought a new stake in Symbotic in the 4th quarter valued at $36,000. Parallel Advisors LLC lifted its stake in Symbotic by 67.3% in the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock worth $37,000 after purchasing an additional 249 shares in the last quarter. Finally, Ameriflex Group Inc. boosted its holdings in shares of Symbotic by 1,500.0% during the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after purchasing an additional 660 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.