Brian Daniel Alexander Sells 9,130 Shares of Symbotic (NASDAQ:SYM) Stock

Symbotic Inc. (NASDAQ:SYM) SVP Brian Daniel Alexander sold 9,130 shares of the business’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $40.30, for a total transaction of $367,939.00. Following the transaction, the senior vice president owned 55,611 shares of the company’s stock, valued at $2,241,123.30. This trade represents a 14.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Symbotic Stock Down 0.9%

NASDAQ:SYM traded down $0.38 during trading hours on Tuesday, hitting $41.12. 746,716 shares of the company’s stock traded hands, compared to its average volume of 1,861,179. Symbotic Inc. has a 52 week low of $38.19 and a 52 week high of $87.88. The business’s fifty day simple moving average is $44.09 and its two-hundred day simple moving average is $52.17. The firm has a market cap of $24.78 billion, a P/E ratio of -822.14, a P/E/G ratio of 5.92 and a beta of 1.93.

Symbotic (NASDAQ:SYM) last announced its earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.11). The company had revenue of $676.48 million for the quarter, compared to the consensus estimate of $662.65 million. Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. On average, analysts expect that Symbotic Inc. will post 0.23 EPS for the current year.

Institutional Investors Weigh In On Symbotic

Institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada raised its holdings in shares of Symbotic by 28.8% during the first quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock valued at $1,714,000 after acquiring an additional 18,967 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Symbotic by 15.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock valued at $1,716,000 after purchasing an additional 11,098 shares during the period. Russell Investments Group Ltd. bought a new position in Symbotic in the 2nd quarter worth $804,000. Invesco Ltd. lifted its position in shares of Symbotic by 33.2% in the 2nd quarter. Invesco Ltd. now owns 304,207 shares of the company’s stock worth $11,818,000 after purchasing an additional 75,828 shares during the period. Finally, Cresset Asset Management LLC bought a new stake in shares of Symbotic during the 2nd quarter valued at about $267,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Weiss Ratings cut Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Zacks Research lowered Symbotic from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 7th. DA Davidson reissued a “buy” rating and set a $70.00 price target on shares of Symbotic in a research note on Monday, May 11th. Finally, The Goldman Sachs Group cut their price objective on shares of Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a research note on Tuesday, May 26th. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and five 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 price target of $66.50.

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.