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

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of Symbotic stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $38.44, for a total transaction of $76,880.00. Following the completion of the transaction, the director directly owned 89,852 shares in the company, valued at $3,453,910.88. This represents a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through 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 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 value of $86,340.00.
• On Tuesday, September 1st, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $39.00, for a total value of $78,000.00.

Symbotic Trading Down 0.0%

Shares of SYM opened at $37.51 on Thursday. Symbotic Inc. has a 12 month low of $36.02 and a 12 month high of $87.88. The stock has a fifty day moving average price of $41.12 and a 200-day moving average price of $47.73. The firm has a market cap of $22.69 billion, a PE ratio of 416.89, a P/E/G ratio of 3.55 and a beta of 2.06.

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

Analyst Upgrades and Downgrades

SYM has been the subject of a number of research analyst reports. Barclays decreased their price target on Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a research note on Tuesday, September 8th. Weiss Ratings upgraded Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, September 21st. Needham & Company LLC dropped their price target on Symbotic from C$75.00 to C$60.00 and set a “buy” rating on the stock in a research note on Tuesday, September 15th. Robert W. Baird set a $51.00 price objective on shares of Symbotic in a report on Thursday, August 6th. Finally, Zacks Research upgraded shares of Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th. Seven investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $65.83.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently made changes to their positions in SYM. GK Wealth Management LLC acquired a new stake in Symbotic during the 3rd quarter worth about $26,000. Toth Financial Advisory Corp grew its stake in Symbotic by 88.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 632 shares of the company’s stock valued at $27,000 after purchasing an additional 297 shares during the last quarter. IAG Wealth Partners LLC grew its stake in Symbotic by 29.4% during the 1st quarter. IAG Wealth Partners LLC now owns 1,752 shares of the company’s stock valued at $93,000 after purchasing an additional 398 shares during the last quarter. Nykredit A S purchased a new stake in Symbotic during the 2nd quarter valued at about $89,000. Finally, Western Wealth Management LLC acquired a new position in shares of Symbotic in the first quarter valued at about $113,000.

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.