Symbotic (NASDAQ:SYM) Director Sells $78,000.00 in Stock

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $39.00, for a total transaction of $78,000.00. Following the completion of the transaction, the director directly owned 89,852 shares in the company, valued at $3,504,228. This trade represents a 2.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, August 3rd, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $43.21, for a total transaction of $86,420.00.
• On Wednesday, July 1st, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $44.90, for a total transaction of $89,800.00.

Symbotic Stock Up 3.2%

SYM stock opened at $42.94 on Friday. The business’s fifty day moving average is $42.01 and its 200-day moving average is $48.17. The company has a market cap of $25.97 billion, a P/E ratio of 477.11, a price-to-earnings-growth ratio of 5.77 and a beta of 1.94. Symbotic Inc. has a twelve month low of $37.68 and a twelve month high of $87.88.

Symbotic (NASDAQ:SYM) last posted 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 company had revenue of $720.84 million during 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 firm’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.05) earnings per share. Research analysts anticipate that Symbotic Inc. will post 0.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust increased its holdings in shares of Symbotic by 100.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock worth $32,000 after acquiring an additional 268 shares in the last quarter. Quarry LP bought a new position in shares of Symbotic during the 4th quarter valued at about $36,000. Parallel Advisors LLC grew its position in shares of Symbotic by 67.3% in the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after purchasing an additional 249 shares during the period. Gordian Capital Singapore Pte Ltd acquired a new position in shares of Symbotic in the 4th quarter valued at approximately $48,000. Finally, NewEdge Advisors LLC increased its stake in Symbotic by 81.5% during the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock worth $50,000 after purchasing an additional 573 shares in the last quarter.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 5th. Needham & Company LLC reiterated a “buy” rating and issued a $75.00 price target on shares of Symbotic in a research report on Thursday, August 6th. Robert W. Baird set a $51.00 price objective on shares of Symbotic in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, August 21st. Finally, The Goldman Sachs Group lowered their target price on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a research note on Tuesday, May 26th. Seven research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $65.92.

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.