Symbotic (NASDAQ:SYM) Insider Sells $357,003.02 in Stock

Symbotic Inc. (NASDAQ:SYM) insider William Boyd III sold 9,194 shares of the company’s stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $38.83, for a total value of $357,003.02. Following the completion of the sale, the insider owned 57,112 shares in the company, valued at approximately $2,217,658.96. This represents a 13.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Symbotic Stock Performance

SYM traded up $1.08 during trading on Tuesday, reaching $38.98. 1,356,988 shares of the company’s stock were exchanged. Symbotic Inc. has a 1 year low of $36.47 and a 1 year high of $87.88. The company’s fifty day simple moving average is $41.51 and its 200-day simple moving average is $48.69.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.04). The business had revenue of $720.84 million for the quarter, compared to analyst estimates of $715.03 million. 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, analysts anticipate that Symbotic Inc. will post 0.21 EPS for the current year.

Hedge Funds Weigh In On Symbotic

Several large investors have recently made changes to their positions in SYM. USS Investment Management Ltd purchased a new position in Symbotic in the first quarter valued at $15,004,000. Abacus FCF Advisors LLC purchased a new stake in shares of Symbotic during the 2nd quarter worth about $3,109,000. Engineers Gate Manager LP boosted its stake in shares of Symbotic by 469.6% during the 2nd 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. Peregrine Asset Advisers Inc. purchased a new stake in shares of Symbotic during the 1st quarter worth about $2,379,000. Finally, Wealthfront Advisers LLC grew its position in shares of Symbotic by 168.1% during the 1st quarter. Wealthfront Advisers LLC now owns 71,248 shares of the company’s stock valued at $3,790,000 after acquiring an additional 44,676 shares during the period.

Wall Street Analyst Weigh In

SYM has been the subject of a number of research reports. Barclays decreased their target price 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. TD Cowen cut their price target on Symbotic from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, October 22nd. Weiss Ratings upgraded Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Monday, September 21st. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 5th. Finally, Needham & Company LLC decreased their price objective 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. 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 company. Based on data from MarketBeat.com, Symbotic presently has an average rating of “Hold” and an average 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.