Symbotic (NASDAQ:SYM) Stock Price Down 4.8% After Insider Selling

Shares of Symbotic Inc. (NASDAQ:SYM) were down 4.8% during trading on Thursday following insider selling activity. The company traded as low as $27.61 and last traded at $27.71. Approximately 386,867 shares were traded during trading, a decline of 85% from the average daily volume of 2,551,775 shares. The stock had previously closed at $29.11.

Specifically, Director Todd Krasnow sold 10,447 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $27.05, for a total value of $282,591.35. Following the sale, the director now directly owns 194,036 shares of the company’s stock, valued at approximately $5,248,673.80. This trade represents a 5.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SYM. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research note on Thursday, February 6th. The Goldman Sachs Group reduced their price objective on shares of Symbotic from $28.00 to $25.00 and set a “neutral” rating for the company in a research report on Thursday, February 6th. Northland Securities increased their price objective on shares of Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Citigroup reissued a “buy” rating and set a $37.00 target price on shares of Symbotic in a research note on Monday, January 13th. Finally, KeyCorp restated a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Symbotic presently has an average rating of “Hold” and an average price target of $38.33.

Symbotic Stock Down 4.8 %

The stock has a market cap of $16.28 billion, a PE ratio of -397.09, a P/E/G ratio of 6.45 and a beta of 1.79. The stock has a 50-day moving average of $27.32 and a 200 day moving average of $26.45.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. Research analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Institutional Trading of Symbotic

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Baillie Gifford & Co. lifted its holdings in shares of Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Symbotic by 100.6% during the 4th quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company’s stock worth $411,000 after buying an additional 3,110,075 shares in the last quarter. Vanguard Group Inc. boosted its position in Symbotic by 41.3% in the 4th quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company’s stock valued at $117,846,000 after buying an additional 1,452,627 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Symbotic in the fourth quarter worth $20,754,000. Finally, Thematics Asset Management increased its position in shares of Symbotic by 30.1% during the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after acquiring an additional 242,661 shares during the period.

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.