Symbotic (NASDAQ:SYM) Stock: Insider Charles Kane Sells 2,000 Shares

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of the business’s stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $38.44, for a total value of $76,880.00. Following the transaction, the director directly owned 89,852 shares of the company’s stock, valued at approximately $3,453,910.88. The trade was a 2.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Charles Kane also recently made the following trade(s):

• On Thursday, October 1st, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $43.17, for a total transaction of $86,340.00.
• On Tuesday, September 1st, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $39.00, for a total transaction of $78,000.00.

Symbotic Trading Down 6.6%

Shares of Symbotic stock opened at $35.04 on Friday. The firm’s 50 day moving average is $41.01 and its 200 day moving average is $47.57. The firm has a market capitalization of $21.19 billion, a PE ratio of 416.78, a price-to-earnings-growth ratio of 3.55 and a beta of 2.06. Symbotic Inc. has a 1 year low of $33.17 and a 1 year high of $87.88.

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

Institutional Investors Weigh In On Symbotic

A number of hedge funds have recently added to or reduced their stakes in the company. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in Symbotic in the 1st quarter valued at $788,000. Amundi grew its position in Symbotic by 68.5% in the 1st quarter. Amundi now owns 108,553 shares of the company’s stock worth $5,775,000 after purchasing an additional 44,132 shares in the last quarter. Wealthfront Advisers LLC grew its holdings in shares of Symbotic by 168.1% in the first quarter. Wealthfront Advisers LLC now owns 71,248 shares of the company’s stock valued at $3,790,000 after acquiring an additional 44,676 shares in the last quarter. Royal Bank of Canada grew its stake in Symbotic by 41.1% in the 1st quarter. Royal Bank of Canada now owns 100,018 shares of the company’s stock valued at $5,321,000 after purchasing an additional 29,152 shares during the period. Finally, Sei Investments Co. increased its position in shares of Symbotic by 21.0% during the 1st quarter. Sei Investments Co. now owns 144,420 shares of the company’s stock valued at $7,683,000 after purchasing an additional 25,024 shares during the last quarter.

Analyst Ratings Changes

A number of research firms have weighed in on SYM. Robert W. Baird set a $51.00 price target on shares of Symbotic in a report on Thursday, August 6th. Barclays dropped their price objective on shares of Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a report on Tuesday, September 8th. TD Cowen lowered their target price on Symbotic from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd. Needham & Company LLC dropped their price target on shares of Symbotic from C$75.00 to C$60.00 and set a “buy” rating on the stock in a research report on Tuesday, September 15th. Finally, Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 5th. Seven research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $65.83.

Symbotic News Summary

Here are the key news stories impacting Symbotic this week:

• Positive Sentiment: Symbotic is extending its automation partnership with Walmart, with plans to introduce advanced systems at 25 U.S. regional distribution centers. The deal has been described as worth $6 billion, potentially broadening Symbotic’s deployment opportunity with a major customer. Article: Should Investors Bet on SYM Stock Post the Walmart Deal Expansion?
• Neutral Sentiment: Two directors each sold 2,000 shares under pre-arranged Rule 10b5-1 plans. The sales may draw investor attention, but were relatively small and the directors retained substantial holdings. Article: Symbotic Director Charles Kane Sells Shares
• Negative Sentiment: Shares are trading well below their 50-day and 200-day moving averages and close to the provided 52-week low, signaling a weak recent technical trend that could weigh on sentiment.

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.