Insider Selling: Symbotic (NASDAQ:SYM) Director Sells 2,000 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction on Monday, April 6th. The stock was sold at an average price of $53.27, for a total transaction of $106,540.00. Following the completion of the transaction, the director owned 10,345 shares in the company, valued at approximately $551,078.15. The trade was a 16.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Todd Krasnow also recently made the following trade(s):

• On Monday, March 9th, Todd Krasnow sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $47.70, for a total transaction of $95,400.00.
• On Monday, February 2nd, Todd Krasnow sold 4,000 shares of Symbotic stock. The stock was sold at an average price of $53.73, for a total transaction of $214,920.00.

Symbotic Stock Performance

NASDAQ:SYM traded up $2.97 during trading hours on Wednesday, reaching $54.55. The company’s stock had a trading volume of 1,478,869 shares, compared to its average volume of 1,726,324. The firm has a market capitalization of $32.85 billion, a price-to-earnings ratio of -545.45, a PEG ratio of 5.35 and a beta of 2.10. The firm has a 50-day simple moving average of $53.68 and a 200-day simple moving average of $61.17. Symbotic Inc. has a 1 year low of $17.75 and a 1 year high of $87.88.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, February 4th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.06). Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The business had revenue of $629.99 million during the quarter, compared to analysts’ expectations of $622.58 million. During the same quarter in the previous year, the business earned ($0.03) EPS. Symbotic’s revenue for the quarter was up 29.4% compared to the same quarter last year. Equities analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYM. Royal Bank of Canada lifted its position in Symbotic by 28.8% during the first quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock valued at $1,714,000 after purchasing an additional 18,967 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Symbotic by 15.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock valued at $1,716,000 after purchasing an additional 11,098 shares during the period. Franklin Resources Inc. bought a new position in Symbotic during the second quarter valued at approximately $324,000. Russell Investments Group Ltd. bought a new position in Symbotic in the second quarter worth approximately $804,000. Finally, M&T Bank Corp raised its position in Symbotic by 19.7% in the second quarter. M&T Bank Corp now owns 24,852 shares of the company’s stock worth $966,000 after acquiring an additional 4,084 shares during the period.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SYM. Weiss Ratings reiterated a “hold (c-)” rating on shares of Symbotic in a report on Thursday, January 22nd. The Goldman Sachs Group reiterated a “sell” rating and issued a $50.00 target price on shares of Symbotic in a research note on Thursday, January 15th. Barclays upped their target price on shares of Symbotic from $42.00 to $44.00 and gave the stock an “underweight” rating in a research note on Monday, March 16th. UBS Group set a $70.00 target price on shares of Symbotic in a research note on Wednesday, February 18th. Finally, DA Davidson upped their target price on shares of Symbotic from $53.00 to $57.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Symbotic currently has an average rating of “Hold” and an average price target of $64.62.

About Symbotic

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.