Symbotic (NASDAQ:SYM) Stock: Insider William Boyd III Sells 9,194 Shares

Symbotic Inc. (NASDAQ:SYM) insider William Boyd III sold 9,194 shares of the firm’s stock in a transaction on Tuesday, October 27th. The stock was sold at an average price of $38.83, for a total value of $357,003.02. Following the completion of the transaction, the insider owned 57,112 shares in the company, valued at $2,217,658.96. This represents a 13.87% 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 this hyperlink.

Symbotic Stock Down 0.0%

Shares of Symbotic stock opened at $38.97 on Thursday. The business has a fifty day simple moving average of $41.48 and a 200 day simple moving average of $48.53. The stock has a market cap of $23.57 billion, a PE ratio of 433.00, a price-to-earnings-growth ratio of 3.71 and a beta of 1.97. Symbotic Inc. has a 12 month low of $36.47 and a 12 month high of $87.88.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The company had revenue of $720.84 million during the quarter, compared to analyst estimates of $715.03 million. During the same period in the previous year, the company posted ($0.05) EPS. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. Analysts expect that Symbotic Inc. will post 0.21 EPS for the current fiscal year.

Key Symbotic News

Here are the key news stories impacting Symbotic this week:

• Positive Sentiment: Coverage of Symbotic’s growth with Walmart highlights how major “anchor customers” can help robotics companies scale deployments and establish recurring expansion opportunities. What Symbotic’s Walmart growth teaches robotics startups about anchor customers
• Neutral Sentiment: Analyst opinions remain divided. Symbotic has a consensus rating of “Hold,” with seven Buy, five Hold and two Sell ratings; the consensus price target of $65.83 remains well above the recent trading range, although TD Cowen lowered its target to $70 while maintaining a Buy rating. Symbotic Inc. Stock Rated Hold by Wall Street Analysts
• Negative Sentiment: Several insiders reported stock sales, including CFO Izilda Martins, SVP Brian Alexander, CTO James Kuffner, insider Maria Freve and William Boyd III. The largest disclosed transactions were Alexander’s sale of 9,225 shares and Kuffner’s sale of 19,201 shares. Because the filings state that the shares were sold to meet tax-withholding obligations, they do not necessarily indicate declining confidence; however, the cluster of sales could pressure investor sentiment.
• Negative Sentiment: Symbotic continues to trade below its 50-day and 200-day moving averages after a sharp retreat from its 52-week high. Its elevated valuation and prior earnings miss also leave investors sensitive to execution and profitability concerns, despite revenue growth.

Analyst Ratings Changes

Several research firms recently weighed in on SYM. Needham & Company LLC reduced their price objective on shares of Symbotic from C$75.00 to C$60.00 and set a “buy” rating on the stock in a research note on Tuesday, September 15th. Weiss Ratings upgraded shares of Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, September 21st. Robert W. Baird set a $51.00 price target on shares of Symbotic in a research report on Thursday, August 6th. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Finally, Barclays lowered their price objective on shares of Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a research report on Tuesday, September 8th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $65.83.

Institutional Trading of Symbotic

Hedge funds have recently bought and sold shares of the stock. USS Investment Management Ltd acquired a new stake in Symbotic in the 1st quarter valued at about $15,004,000. Abacus FCF Advisors LLC bought a new position in Symbotic during the second quarter worth about $3,109,000. Engineers Gate Manager LP increased its position in Symbotic by 469.6% during the second quarter. Engineers Gate Manager LP now owns 56,930 shares of the company’s stock worth $2,559,000 after buying an additional 46,936 shares during the last quarter. Peregrine Asset Advisers Inc. acquired a new position in Symbotic during the first quarter worth approximately $2,379,000. Finally, Wealthfront Advisers LLC increased its position in Symbotic by 168.1% during the first quarter. Wealthfront Advisers LLC now owns 71,248 shares of the company’s stock worth $3,790,000 after buying an additional 44,676 shares during the last quarter.

Symbotic Company Profile

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for supply chain and warehouse operations. Its systems are designed to automate the movement, storage, retrieval and replenishment of pallets and cases within large distribution centers, helping customers manage inventory and fulfill orders more efficiently.

The company’s platform combines mobile robots, automated storage and retrieval systems, robotic palletizing and depalletizing equipment, and warehouse-control software.