Insider Selling: Symbotic (NASDAQ:SYM) Insider Sells 15,000 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) insider William Boyd III sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $69.00, for a total value of $1,035,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Symbotic Trading Up 2.7%

NASDAQ:SYM traded up $1.83 during trading hours on Tuesday, hitting $70.45. The stock had a trading volume of 1,892,517 shares, compared to its average volume of 2,307,616. The company has a market cap of $41.67 billion, a PE ratio of -469.67, a price-to-earnings-growth ratio of 18.40 and a beta of 2.13. The business has a 50 day simple moving average of $65.52 and a two-hundred day simple moving average of $57.34. Symbotic Inc. has a 1-year low of $16.32 and a 1-year high of $87.88.

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Comerica Bank raised its position in shares of Symbotic by 139.5% during the 1st quarter. Comerica Bank now owns 23,803 shares of the company’s stock valued at $481,000 after acquiring an additional 13,865 shares in the last quarter. Baird Financial Group Inc. increased its stake in Symbotic by 36.5% during the first quarter. Baird Financial Group Inc. now owns 79,644 shares of the company’s stock valued at $1,610,000 after purchasing an additional 21,304 shares during the last quarter. Royal Bank of Canada raised its holdings in shares of Symbotic by 28.8% during the first quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock worth $1,714,000 after purchasing an additional 18,967 shares during the period. Amundi raised its holdings in shares of Symbotic by 53.0% during the first quarter. Amundi now owns 72,192 shares of the company’s stock worth $1,459,000 after purchasing an additional 24,993 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in shares of Symbotic by 36.7% in the 1st quarter. Advisors Asset Management Inc. now owns 35,261 shares of the company’s stock worth $713,000 after buying an additional 9,459 shares during the last quarter.

Wall Street Analyst Weigh In

Several research analysts recently commented on SYM shares. Northcoast Research cut Symbotic from a “buy” rating to a “neutral” rating in a research note on Tuesday, November 25th. Robert W. Baird lifted their price objective on Symbotic from $55.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, November 26th. Cowen reiterated a “buy” rating on shares of Symbotic in a research note on Wednesday, December 3rd. Zacks Research upgraded shares of Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Finally, Northland Securities upped their price target on shares of Symbotic from $56.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, November 25th. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and four have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $56.50.

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.