Insider Selling: Symbotic (NASDAQ:SYM) Director Sells $76,920.00 in Stock

Symbotic Inc. (NASDAQ:SYM) Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $38.46, for a total transaction of $76,920.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Todd Krasnow also recently made the following trade(s):

• On Monday, October 5th, Todd Krasnow sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $42.72, for a total transaction of $85,440.00.
• On Tuesday, September 8th, Todd Krasnow sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $43.57, for a total value of $87,140.00.

Symbotic Stock Down 0.0%

SYM traded down $0.01 during midday trading on Wednesday, hitting $37.51. 1,521,927 shares of the company traded hands, compared to its average volume of 1,807,019. The firm has a market capitalization of $22.69 billion, a PE ratio of 416.78, a price-to-earnings-growth ratio of 3.52 and a beta of 2.06. The company’s 50-day moving average is $41.18 and its 200 day moving average is $47.88. Symbotic Inc. has a 52 week low of $36.02 and a 52 week high of $87.88.

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

Institutional Trading of Symbotic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in shares of Symbotic during the first quarter worth about $788,000. Amundi grew its position in Symbotic by 68.5% during 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 period. Wealthfront Advisers LLC increased its stake in shares of Symbotic by 168.1% in the 1st quarter. Wealthfront Advisers LLC now owns 71,248 shares of the company’s stock valued at $3,790,000 after purchasing an additional 44,676 shares in the last quarter. Royal Bank of Canada increased its position in shares of Symbotic by 41.1% in the first quarter. Royal Bank of Canada now owns 100,018 shares of the company’s stock valued at $5,321,000 after buying an additional 29,152 shares in the last quarter. Finally, Sei Investments Co. raised its position in Symbotic by 21.0% during the first quarter. Sei Investments Co. now owns 144,420 shares of the company’s stock worth $7,683,000 after acquiring an additional 25,024 shares during the period.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SYM shares. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Needham & Company LLC decreased their target price on shares of Symbotic from C$75.00 to C$60.00 and set a “buy” rating on the stock in a research report on Tuesday, September 15th. Barclays dropped their target price on Symbotic from $44.00 to $38.00 and set an “underweight” rating for the company in a research report on Tuesday, September 8th. TD Cowen lowered their price objective on shares of Symbotic from $75.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, October 22nd. Finally, Weiss Ratings raised Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, September 21st. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $65.83.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for supply chain and warehouse operations. Its systems are designed to automate the movement, storage, retrieval and replenishment of pallets and cases within large distribution centers, helping customers manage inventory and fulfill orders more efficiently.

The company’s platform combines mobile robots, automated storage and retrieval systems, robotic palletizing and depalletizing equipment, and warehouse-control software.