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

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of Symbotic stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $45.99, for a total transaction of $91,980.00. Following the transaction, the director owned 89,852 shares of the company’s stock, valued at $4,132,293.48. This represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Charles Kane also recently made the following trade(s):

• On Friday, May 1st, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $58.26, for a total transaction of $116,520.00.
• On Wednesday, April 1st, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $53.74, for a total transaction of $107,480.00.
• On Monday, March 9th, Charles Kane sold 4,000 shares of Symbotic stock. The shares were sold at an average price of $47.86, for a total transaction of $191,440.00.

Symbotic Price Performance

Shares of NASDAQ SYM opened at $47.21 on Thursday. The stock has a market capitalization of $28.45 billion, a P/E ratio of -944.01, a P/E/G ratio of 7.24 and a beta of 1.91. The company has a 50-day moving average price of $54.08 and a 200-day moving average price of $57.84. Symbotic Inc. has a 1 year low of $27.26 and a 1 year high of $87.88.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.11). Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The firm had revenue of $676.48 million for the quarter, compared to analysts’ expectations of $662.66 million. During the same quarter last year, the firm posted ($0.04) earnings per share. The firm’s revenue for the quarter was up 23.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Symbotic Inc. will post 0.23 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SYM. Citigroup reaffirmed an “outperform” rating on shares of Symbotic in a research report on Thursday, February 5th. Barclays increased their price target on Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a research report on Monday, March 16th. The Goldman Sachs Group decreased their price target on Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a research report on Tuesday, May 26th. Weiss Ratings cut shares of Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 11th. Finally, Northland Securities set a $73.00 target price on shares of Symbotic in a research note on Thursday, February 5th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the stock. According to data from MarketBeat, Symbotic presently has an average rating of “Hold” and an average price target of $65.23.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust boosted its stake in Symbotic by 100.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock valued at $32,000 after acquiring an additional 268 shares during the last quarter. MAI Capital Management boosted its stake in Symbotic by 833.3% in the third quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares during the last quarter. Quarry LP purchased a new position in Symbotic in the fourth quarter valued at about $36,000. Parallel Advisors LLC boosted its stake in Symbotic by 67.3% in the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after acquiring an additional 249 shares during the last quarter. Finally, Ameriflex Group Inc. boosted its stake in Symbotic by 1,500.0% in the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after acquiring an additional 660 shares during the last quarter.

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.