Symbotic (NASDAQ:SYM) Trading Down 10.7% Following Insider Selling

Symbotic Inc. (NASDAQ:SYM) shares were down 10.7% on Wednesday after an insider sold shares in the company. The company traded as low as $55.85 and last traded at $55.99. Approximately 2,938,297 shares traded hands during mid-day trading, an increase of 34% from the average daily volume of 2,198,928 shares. The stock had previously closed at $62.69.

Specifically, insider William M. Boyd III sold 2,455 shares of Symbotic stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $60.51, for a total transaction of $148,552.05. Following the sale, the insider owned 24,314 shares of the company’s stock, valued at approximately $1,471,240.14. The trade was a 9.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analysts Set New Price Targets

Several analysts have commented on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Symbotic from $55.00 to $63.00 and gave the stock a “hold” rating in a report on Tuesday, November 25th. Barclays lifted their price target on Symbotic from $38.00 to $41.00 and gave the company an “underweight” rating in a research report on Wednesday, November 26th. Northcoast Research cut Symbotic from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 25th. Citigroup raised their price target on Symbotic from $60.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Symbotic in a research note on Wednesday, October 8th. Six equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $56.50.

Symbotic Stock Up 1.4%

The company has a market cap of $34.90 billion, a PE ratio of -393.33, a PEG ratio of 16.51 and a beta of 2.10. The company’s fifty day moving average is $67.58 and its 200-day moving average is $54.68.

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. MAI Capital Management grew its stake in shares of Symbotic by 833.3% during the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after purchasing an additional 500 shares during the period. AdvisorNet Financial Inc purchased a new position in shares of Symbotic in the second quarter worth approximately $32,000. IAG Wealth Partners LLC bought a new stake in Symbotic during the second quarter valued at approximately $32,000. Ameriflex Group Inc. increased its holdings in Symbotic by 1,500.0% during the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after buying an additional 660 shares during the last quarter. Finally, Gables Capital Management Inc. purchased a new stake in Symbotic during the second quarter valued at approximately $39,000.

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.