Symbotic (NASDAQ:SYM) Shares Down 5.3% Following Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s share price fell 5.3% on Thursday after an insider sold shares in the company. The company traded as low as $38.01 and last traded at $38.29. 351,639 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 1,410,380 shares. The stock had previously closed at $40.43.

Specifically, major shareholder David A. Ladensohn sold 2,085,296 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $39.69, for a total value of $82,765,398.24. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, major shareholder David A. Ladensohn sold 2,085,296 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $39.69, for a total transaction of $82,765,398.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael David Dunn sold 1,747 shares of the firm’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $40.08, for a total value of $70,019.76. Following the sale, the insider now directly owns 74,032 shares in the company, valued at approximately $2,967,202.56. The disclosure for this sale can be found here. Insiders sold a total of 7,108,673 shares of company stock worth $275,394,824 over the last three months. 38.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on SYM shares. William Blair restated a “market perform” rating on shares of Symbotic in a research report on Tuesday, February 6th. KeyCorp cut their price objective on Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, February 6th. Robert W. Baird cut their price target on Symbotic from $54.00 to $52.00 and set an “outperform” rating on the stock in a report on Tuesday, February 6th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price target on shares of Symbotic in a report on Tuesday, February 6th. Finally, Northland Securities upped their price target on Symbotic from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Wednesday, April 10th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Symbotic currently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Symbotic Stock Down 2.2 %

The stock has a 50 day simple moving average of $43.30 and a 200 day simple moving average of $44.25. The company has a market cap of $22.82 billion, a price-to-earnings ratio of -146.37 and a beta of 1.91.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, February 5th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The company had revenue of $368.45 million for the quarter, compared to analysts’ expectations of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. As a group, equities research analysts expect that Symbotic Inc. will post -0.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SYM. Van ECK Associates Corp purchased a new stake in shares of Symbotic during the fourth quarter worth about $26,000. Providence Capital Advisors LLC acquired a new position in shares of Symbotic during the third quarter worth approximately $33,000. National Bank of Canada FI boosted its position in shares of Symbotic by 66.7% during the third quarter. National Bank of Canada FI now owns 1,000 shares of the company’s stock worth $35,000 after buying an additional 400 shares during the period. Global Retirement Partners LLC boosted its position in shares of Symbotic by 166.7% during the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after buying an additional 660 shares during the period. Finally, Pingora Partners LLC acquired a new position in shares of Symbotic during the fourth quarter worth approximately $51,000.

Symbotic Company Profile

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.