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

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $39.00, for a total transaction of $78,000.00. Following the transaction, the director directly owned 89,852 shares of the company’s stock, valued at $3,504,228. The trade was a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 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 shares were 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 stock was sold at an average price of $44.90, for a total transaction of $89,800.00.

Symbotic Stock Up 3.2%

SYM opened at $42.94 on Friday. The firm has a 50-day simple moving average of $42.01 and a two-hundred day simple moving average of $48.17. Symbotic Inc. has a 52 week low of $37.68 and a 52 week high of $87.88. The company has a market capitalization of $25.97 billion, a PE ratio of 477.11, a price-to-earnings-growth ratio of 5.59 and a beta of 1.94.

Symbotic (NASDAQ:SYM) last issued 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). The firm had revenue of $720.84 million for the quarter, compared to analysts’ expectations of $715.03 million. Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.05) EPS. As a group, sell-side analysts expect that Symbotic Inc. will post 0.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. California State Teachers Retirement System raised its position in Symbotic by 5,964.6% during the second quarter. California State Teachers Retirement System now owns 3,388,331 shares of the company’s stock valued at $152,305,000 after purchasing an additional 3,332,460 shares during the period. AlphaGrep UK Ltd purchased a new position in shares of Symbotic in the 2nd quarter worth approximately $356,000. Lakeshore Financial Planning Inc. bought a new position in shares of Symbotic during the 2nd quarter valued at approximately $351,000. Concurrent Investment Advisors LLC increased its position in shares of Symbotic by 5.2% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 5,811 shares of the company’s stock valued at $261,000 after purchasing an additional 287 shares during the last quarter. Finally, Nykredit A S purchased a new stake in Symbotic during the 2nd quarter valued at $89,000.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Weiss Ratings raised Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, August 21st. DA Davidson reiterated a “buy” rating and set a $70.00 target price on shares of Symbotic in a research report on Monday, May 11th. Needham & Company LLC reissued a “buy” rating and issued a $75.00 target price on shares of Symbotic in a report on Thursday, August 6th. Zacks Research upgraded shares of Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 5th. Finally, The Goldman Sachs Group decreased their price target on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research note on Tuesday, May 26th. Seven equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target 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.