Symbotic (NASDAQ:SYM) Director Sells $86,340.00 in Stock

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of the business’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $43.17, for a total value of $86,340.00. Following the completion of the sale, the director owned 89,852 shares in the company, valued at approximately $3,878,910.84. This trade represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 Tuesday, September 1st, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $39.00, for a total value of $78,000.00.
• On Monday, August 3rd, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $43.21, for a total value of $86,420.00.

Symbotic Stock Performance

NASDAQ SYM traded down $0.41 during trading on Monday, hitting $42.87. The stock had a trading volume of 1,363,790 shares, compared to its average volume of 1,585,654. Symbotic Inc. has a 12 month low of $37.68 and a 12 month high of $87.88. The company’s 50-day moving average price is $42.19 and its two-hundred day moving average price is $46.62. The company has a market capitalization of $25.93 billion, a PE ratio of 476.33, a P/E/G ratio of 4.81 and a beta of 1.97.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.04). Symbotic had a return on equity of 1.40% and a net margin of 0.48%.The business had revenue of $720.84 million for the quarter, compared to the consensus estimate of $715.03 million. During the same period in the prior year, the business earned ($0.05) earnings per share. Symbotic’s revenue was up 21.7% compared to the same quarter last year. As a group, equities analysts anticipate that Symbotic Inc. will post 0.21 earnings per share for the current fiscal year.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Polianta Ltd bought a new position in Symbotic during the first quarter worth about $1,596,000. Financiere des Professionnels Fonds d investissement inc. bought a new stake in Symbotic in the first quarter valued at approximately $788,000. Amundi lifted its position in shares of Symbotic by 68.5% in the first quarter. Amundi now owns 108,553 shares of the company’s stock valued at $5,775,000 after buying an additional 44,132 shares during the last quarter. Wealthfront Advisers LLC lifted its position in shares of Symbotic by 168.1% in the first quarter. Wealthfront Advisers LLC now owns 71,248 shares of the company’s stock valued at $3,790,000 after buying an additional 44,676 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in shares of Symbotic by 41.1% during the 1st quarter. Royal Bank of Canada now owns 100,018 shares of the company’s stock worth $5,321,000 after acquiring an additional 29,152 shares during the period.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Needham & Company LLC lowered their price target on shares of Symbotic from C$75.00 to C$60.00 and set a “buy” rating on the stock in a research note on Tuesday, September 15th. Robert W. Baird set a $51.00 price objective on shares of Symbotic in a research note on Thursday, August 6th. Weiss Ratings upgraded Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, September 21st. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 5th. Finally, Barclays dropped their target price on Symbotic from $44.00 to $38.00 and set an “underweight” rating on the stock in a report on Tuesday, September 8th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Symbotic presently has an average rating of “Hold” and an average price target of $65.45.

Symbotic Company Profile

Symbotic Inc is a technology company that develops automation systems for warehouse and supply-chain operations. Its platform combines artificial intelligence, robotics, software and high-speed material-handling equipment to automate the movement, storage and retrieval of goods within large distribution centers.

The company’s solutions are designed to manage products from inbound receiving and pallet depalletizing through storage, replenishment, order assembly and outbound shipping. Symbotic’s systems use autonomous robots and software to organize inventory and build store-ready orders, helping retailers and other supply-chain operators improve warehouse utilization, throughput and operational consistency.

Symbotic primarily serves large retail and grocery distribution networks, with deployments concentrated in North America.