Symbotic (NASDAQ:SYM) Trading Down 1.2% on Insider Selling

Shares of Symbotic Inc. (NASDAQ:SYM) fell 1.2% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $69.07 and last traded at $69.62. 1,529,683 shares changed hands during trading, a decline of 28% from the average session volume of 2,114,003 shares. The stock had previously closed at $70.45.

Specifically, insider William M. Boyd III sold 15,000 shares of the business’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $69.00, for a total transaction of $1,035,000.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William M. Boyd III sold 5,115 shares of Symbotic stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $63.89, for a total transaction of $326,797.35. Following the completion of the transaction, the insider directly owned 19,199 shares in the company, valued at approximately $1,226,624.11. This trade represents a 21.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Oppenheimer reaffirmed an “outperform” rating and issued a $83.00 price objective on shares of Symbotic in a research note on Tuesday, November 25th. Weiss Ratings restated a “hold (c-)” rating on shares of Symbotic in a report on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft lifted their price target on Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a report on Tuesday, November 25th. Northcoast Research lowered Symbotic from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 25th. Finally, Wall Street Zen raised Symbotic from a “sell” rating to a “hold” rating in a research note on Sunday, November 30th. Six research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $56.50.

Symbotic Stock Performance

The firm has a market cap of $41.77 billion, a price-to-earnings ratio of -470.73, a price-to-earnings-growth ratio of 19.75 and a beta of 2.13. The firm’s 50 day moving average is $65.26 and its 200-day moving average is $57.77.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Monday, November 24th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.11). Symbotic had a negative return on equity of 3.89% and a negative net margin of 0.75%.The company had revenue of $618.46 million for the quarter, compared to the consensus estimate of $604.00 million. During the same quarter last year, the company posted $0.47 EPS. The business’s revenue was up 9.5% compared to the same quarter last year. As a group, research analysts predict that Symbotic Inc. will post 0.13 EPS for the current year.

Institutional Investors Weigh In On Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in SYM. Wealth Enhancement Advisory Services LLC lifted its position in shares of Symbotic by 26.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,641 shares of the company’s stock worth $395,000 after purchasing an additional 1,372 shares during the last quarter. Green Alpha Advisors LLC increased its position in Symbotic by 69.9% in the 4th quarter. Green Alpha Advisors LLC now owns 17,557 shares of the company’s stock worth $1,045,000 after buying an additional 7,223 shares during the period. Central Pacific Bank Trust Division lifted its holdings in shares of Symbotic by 8.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 10,328 shares of the company’s stock worth $615,000 after buying an additional 777 shares during the last quarter. Werlinich Asset Management LLC bought a new stake in shares of Symbotic in the fourth quarter valued at approximately $403,000. Finally, Allworth Financial LP grew its stake in shares of Symbotic by 504.2% in the third quarter. Allworth Financial LP now owns 2,000 shares of the company’s stock worth $108,000 after acquiring an additional 1,669 shares during the last quarter.

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.