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

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $44.90, for a total value of $89,800.00. Following the sale, the director owned 89,852 shares in the company, valued at approximately $4,034,354.80. This represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, June 1st, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $45.99, for a total transaction of $91,980.00.
• On Friday, May 1st, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $58.26, for a total transaction of $116,520.00.

Symbotic Price Performance

NASDAQ SYM opened at $41.32 on Wednesday. The company’s 50 day simple moving average is $47.48 and its two-hundred day simple moving average is $54.04. Symbotic Inc. has a 1 year low of $38.19 and a 1 year high of $87.88. The stock has a market capitalization of $24.90 billion, a PE ratio of -826.23, a P/E/G ratio of 6.56 and a beta of 1.93.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.11). Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The firm had revenue of $676.48 million for the quarter, compared to analysts’ expectations of $662.65 million. During the same quarter last year, the firm earned ($0.04) earnings per share. The firm’s revenue for the quarter was up 23.1% on a year-over-year basis. On average, research analysts anticipate that Symbotic Inc. will post 0.23 EPS for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on SYM shares. Barclays raised their price target on Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a report on Monday, March 16th. DA Davidson reissued a “buy” rating and set a $70.00 price objective on shares of Symbotic in a report on Monday, May 11th. The Goldman Sachs Group decreased their price objective on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research report on Tuesday, May 26th. Finally, Weiss Ratings downgraded shares of Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Symbotic presently has a consensus rating of “Hold” and a consensus price target of $65.23.

Trending Headlines about Symbotic

Here are the key news stories impacting Symbotic this week:

• Positive Sentiment: One recent note argued that Symbotic (SYM) could be meaningfully undervalued based on its warehouse automation growth story, with Zacks keeping a Hold rating and some analysts still seeing long-term upside. Article: Symbotic (SYM) Could Be 32% Undervalued On Its Warehouse Automation Narrative
• Neutral Sentiment: Analysts remain divided on Symbotic: the stock has Buy, Hold, and Sell ratings across Wall Street, with an average target price above the current share price, suggesting expectations remain mixed rather than clearly bearish. Source: Symbotic insider trades and analyst data
• Negative Sentiment: Two insiders, including Director Charles Kane and insider William M. Boyd III, sold shares in pre-arranged transactions, which can weigh on sentiment even if the sales were part of Rule 10b5-1 plans. Article: Symbotic (NASDAQ:SYM) Director Sells 2,000 Shares
• Negative Sentiment: The stock also fell sharply after a recent session of broader weakness, reflecting renewed concern that SYM remains well below key moving averages and far off its highs. Article: Symbotic Inc. (SYM) Dips More Than Broader Market: What You Should Know

Institutional Investors Weigh In On Symbotic

Several hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Symbotic by 47.6% in the 4th quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company’s stock worth $412,463,000 after buying an additional 2,237,137 shares during the last quarter. Handelsbanken Fonder AB grew its position in Symbotic by 54.3% during the fourth quarter. Handelsbanken Fonder AB now owns 423,020 shares of the company’s stock valued at $25,170,000 after acquiring an additional 148,842 shares during the last quarter. M&T Bank Corp raised its stake in shares of Symbotic by 1,108.8% during the fourth quarter. M&T Bank Corp now owns 330,882 shares of the company’s stock worth $19,687,000 after acquiring an additional 303,510 shares in the last quarter. Wealthfront Advisers LLC purchased a new position in shares of Symbotic during the fourth quarter worth approximately $1,581,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Symbotic by 23.1% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 726,411 shares of the company’s stock worth $47,122,000 after acquiring an additional 136,111 shares during the last quarter.

Symbotic Company Profile

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.