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

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of Symbotic stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $43.17, for a total value of $86,340.00. Following the sale, the director directly owned 89,852 shares of the company’s stock, valued at $3,878,910.84. This trade 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 available through the SEC website. 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 shares were 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 Down 1.9%

SYM stock opened at $43.31 on Thursday. The business has a 50 day moving average price of $42.28 and a 200 day moving average price of $46.52. The stock has a market cap of $26.19 billion, a price-to-earnings ratio of 481.22, a PEG ratio of 4.91 and a beta of 1.97. Symbotic Inc. has a fifty-two week low of $37.68 and a fifty-two week high of $87.88.

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

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Symbotic

A number of large investors have recently modified their holdings of SYM. QRG Capital Management Inc. lifted its holdings in shares of Symbotic by 7.2% in the 2nd quarter. QRG Capital Management Inc. now owns 5,100 shares of the company’s stock valued at $229,000 after buying an additional 344 shares during the period. BlueCrest Capital Management Ltd acquired a new position in Symbotic during the second quarter worth $450,000. Engineers Gate Manager LP raised its position in Symbotic by 469.6% in the second quarter. Engineers Gate Manager LP now owns 56,930 shares of the company’s stock worth $2,559,000 after acquiring an additional 46,936 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new position in Symbotic in the second quarter worth $188,000. Finally, NewEdge Advisors LLC lifted its holdings in Symbotic by 18.6% in the second quarter. NewEdge Advisors LLC now owns 11,452 shares of the company’s stock valued at $515,000 after acquiring an additional 1,799 shares during the period.

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.