Symbotic (NASDAQ:SYM) Director Sells $91,980.00 in Stock

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of Symbotic stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $45.99, for a total value of $91,980.00. Following the completion of the sale, the director owned 89,852 shares of the company’s stock, valued at approximately $4,132,293.48. The trade was a 2.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $58.26, for a total value of $116,520.00.
• On Wednesday, April 1st, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $53.74, for a total value of $107,480.00.
• On Monday, March 9th, Charles Kane sold 4,000 shares of Symbotic stock. The stock was sold at an average price of $47.86, for a total value of $191,440.00.

Symbotic Trading Down 7.2%

Shares of SYM opened at $44.02 on Friday. Symbotic Inc. has a 1 year low of $27.26 and a 1 year high of $87.88. The stock has a market cap of $26.53 billion, a P/E ratio of -880.22, a price-to-earnings-growth ratio of 6.99 and a beta of 1.91. The stock’s 50-day moving average price is $53.78 and its two-hundred day moving average price is $57.67.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $676.48 million for the quarter, compared to the consensus estimate of $662.66 million. During the same quarter last year, the business posted ($0.04) EPS. Symbotic’s quarterly revenue was up 23.1% on a year-over-year basis. As a group, equities analysts forecast that Symbotic Inc. will post 0.23 EPS for the current year.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently modified their holdings of the business. Western Wealth Management LLC bought a new position in shares of Symbotic during the 1st quarter valued at about $113,000. Centaurus Financial Inc. lifted its holdings in shares of Symbotic by 62.1% during the 1st quarter. Centaurus Financial Inc. now owns 2,814 shares of the company’s stock valued at $150,000 after purchasing an additional 1,078 shares in the last quarter. Amundi lifted its holdings in shares of Symbotic by 68.5% during the 1st quarter. Amundi now owns 108,553 shares of the company’s stock valued at $5,775,000 after purchasing an additional 44,132 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of Symbotic by 25.2% during the 1st quarter. California State Teachers Retirement System now owns 55,871 shares of the company’s stock valued at $2,972,000 after purchasing an additional 11,260 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings 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 valued at $5,321,000 after purchasing an additional 29,152 shares in the last quarter.

Analysts Set New Price Targets

SYM has been the topic of a number of recent analyst reports. Weiss Ratings cut Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Barclays raised their target price on Symbotic from $42.00 to $44.00 and gave the stock an “underweight” rating in a report on Monday, March 16th. Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Wall Street Zen cut Symbotic from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Finally, DA Davidson reiterated a “buy” rating and set a $70.00 price objective on shares of Symbotic in a report on Monday, May 11th. Seven equities research 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $65.23.

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.