Symbotic (NASDAQ:SYM) Stock Price Down 1.3% Following Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s share price was down 1.3% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $57.03 and last traded at $59.70. Approximately 12,402,126 shares were traded during mid-day trading, an increase of 473% from the average daily volume of 2,165,980 shares. The stock had previously closed at $60.48.

Specifically, Director Todd Krasnow sold 4,000 shares of the company’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $71.00, for a total value of $284,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Merline Saintil sold 9,000 shares of Symbotic stock in a transaction on Friday, November 28th. The stock was sold at an average price of $84.72, for a total value of $762,480.00. Following the sale, the director owned 68,413 shares in the company, valued at $5,795,949.36. The trade was a 11.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In related news, CTO James Kuffner sold 8,348 shares of the business’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $81.30, for a total value of $678,692.40. Following the transaction, the chief technology officer directly owned 30,640 shares of the company’s stock, valued at approximately $2,491,032. The trade was a 21.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

SYM has been the topic of a number of recent research reports. Wall Street Zen raised shares of Symbotic from a “sell” rating to a “hold” rating in a research report on Sunday, November 30th. Robert W. Baird increased their target price on Symbotic from $55.00 to $58.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 26th. Cantor Fitzgerald raised their price target on Symbotic from $60.00 to $82.00 and gave the stock an “overweight” rating in a report on Tuesday, November 25th. The Goldman Sachs Group lowered Symbotic from a “neutral” rating to a “sell” rating and set a $47.00 price objective on the stock. in a research note on Tuesday, December 2nd. Finally, Citigroup raised their target price on Symbotic from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $56.50.

Symbotic Price Performance

The stock has a 50 day moving average price of $68.08 and a 200-day moving average price of $52.66. The stock has a market capitalization of $35.31 billion, a P/E ratio of -398.00, a PEG ratio of 16.94 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, November 24th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.08 by ($0.11). The firm had revenue of $618.46 million for the quarter, compared to the consensus estimate of $604.00 million. Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. The business’s revenue was up 9.5% on a year-over-year basis. During the same period last year, the company posted $0.47 earnings per share. Research analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Symbotic

A number of institutional investors have recently bought and sold shares of the stock. Cetera Investment Advisers lifted its stake in shares of Symbotic by 150.5% in the 1st quarter. Cetera Investment Advisers now owns 61,674 shares of the company’s stock valued at $1,246,000 after purchasing an additional 37,053 shares during the period. LPL Financial LLC raised its holdings in Symbotic by 58.8% in the first quarter. LPL Financial LLC now owns 68,531 shares of the company’s stock worth $1,385,000 after purchasing an additional 25,364 shares in the last quarter. XTX Topco Ltd purchased a new position in Symbotic during the first quarter valued at $324,000. PNC Financial Services Group Inc. lifted its position in Symbotic by 54.8% during the first quarter. PNC Financial Services Group Inc. now owns 5,932 shares of the company’s stock valued at $120,000 after buying an additional 2,100 shares during the period. Finally, Atria Wealth Solutions Inc. bought a new stake in shares of Symbotic during the 1st quarter valued at $716,000.

About Symbotic

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.