Symbotic (NASDAQ:SYM) Sets New 1-Year Low on Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s stock price reached a new 52-week low on Thursday following insider selling activity. The stock traded as low as $34.88 and last traded at $34.9810, with a volume of 365,730 shares changing hands. The stock had previously closed at $37.51.

Specifically, Director Charles Kane sold 2,000 shares of the business’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $38.44, for a total transaction of $76,880.00. Following the completion of the transaction, the director directly owned 89,852 shares in the company, valued at $3,453,910.88. The trade was a 2.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $38.46, for a total transaction of $76,920.00. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on SYM shares. Weiss Ratings upgraded Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, September 21st. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th. Barclays reduced their target price on Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a research report on Tuesday, September 8th. TD Cowen decreased their target price on Symbotic from $75.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, October 22nd. Finally, Robert W. Baird set a $51.00 price target on Symbotic in a research report on Thursday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $65.83.

Key Symbotic News

Here are the key news stories impacting Symbotic this week:

• Positive Sentiment: The reported $6 billion Walmart partnership expansion could support future demand for Symbotic’s warehouse automation systems. Article: Walmart Expands Symbotic Automation Partnership with $6B Deal
• Neutral Sentiment: Articles noting heavy investor searches for SYM and comparing it with V2X do not report new company fundamentals or a clear change in outlook. Article: Investors Heavily Search Symbotic Article: VVX vs. SYM
• Negative Sentiment: Two directors, Charles Kane and Todd Krasnow, each sold 2,000 shares on November 2, for roughly $77,000 apiece. The sales may weigh on sentiment, but they were executed under pre-arranged Rule 10b5-1 plans; Kane retained 89,852 shares after his sale. Article: Symbotic Director Charles Kane Sells Shares

Symbotic Stock Down 6.9%

The stock has a 50-day simple moving average of $41.12 and a two-hundred day simple moving average of $47.73. The firm has a market cap of $21.11 billion, a PE ratio of 390.29, a P/E/G ratio of 3.55 and a beta of 2.06.

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

Hedge Funds Weigh In On Symbotic

Large investors have recently modified their holdings of the company. Fulcrum Asset Management LLP bought a new stake in Symbotic in the 3rd quarter worth approximately $145,000. 180 Wealth Advisors LLC boosted its stake in Symbotic by 2.7% in the third quarter. 180 Wealth Advisors LLC now owns 63,385 shares of the company’s stock worth $2,667,000 after buying an additional 1,668 shares in the last quarter. Verus Capital Partners LLC bought a new position in Symbotic during the third quarter valued at approximately $244,000. AlphaCentric Advisors LLC grew its position in Symbotic by 16.7% during the third quarter. AlphaCentric Advisors LLC now owns 17,500 shares of the company’s stock valued at $736,000 after acquiring an additional 2,500 shares during the last quarter. Finally, Alps Advisors Inc. purchased a new position in shares of Symbotic during the third quarter worth approximately $728,000.

About Symbotic

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.