Charles Kane Sells 2,000 Shares of Symbotic (NASDAQ:SYM) Stock

Symbotic Inc. (NASDAQ:SYM) Director Charles Kane sold 2,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $44.90, for a total value of $89,800.00. Following the completion of the sale, the director directly owned 89,852 shares of the company’s stock, valued at $4,034,354.80. The trade was a 2.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Charles Kane also recently made the following trade(s):

• On Monday, June 1st, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $45.99, for a total transaction of $91,980.00.
• On Friday, May 1st, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $58.26, for a total transaction of $116,520.00.

Symbotic Price Performance

Shares of NASDAQ:SYM opened at $44.46 on Tuesday. Symbotic Inc. has a 1-year low of $38.19 and a 1-year high of $87.88. The stock has a market cap of $26.80 billion, a P/E ratio of -889.02, a P/E/G ratio of 6.30 and a beta of 1.93. The firm has a fifty day moving average price of $47.84 and a 200 day moving average price of $54.14.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.11). Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The business had revenue of $676.48 million during the quarter, compared to analyst estimates of $662.65 million. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. The company’s revenue for the quarter was up 23.1% compared to the same quarter last year. Sell-side analysts expect that Symbotic Inc. will post 0.23 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on SYM. Barclays boosted their price target on Symbotic from $42.00 to $44.00 and gave the company an “underweight” rating in a research report on Monday, March 16th. The Goldman Sachs Group lowered their target price on Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research note on Tuesday, May 26th. DA Davidson reissued a “buy” rating and issued a $70.00 target price on shares of Symbotic in a report on Monday, May 11th. Finally, Weiss Ratings lowered Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat.com, Symbotic has a consensus rating of “Hold” and an average target price of $65.23.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada lifted its position in Symbotic by 28.8% in the first quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock valued at $1,714,000 after purchasing an additional 18,967 shares during the period. 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 worth $1,716,000 after purchasing an additional 11,098 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Symbotic during the 2nd quarter worth approximately $804,000. Invesco Ltd. raised its stake in shares of Symbotic by 33.2% during the 2nd quarter. Invesco Ltd. now owns 304,207 shares of the company’s stock worth $11,818,000 after buying an additional 75,828 shares in the last quarter. Finally, Cresset Asset Management LLC acquired a new stake in shares of Symbotic in the 2nd quarter valued at approximately $267,000.

About Symbotic

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.