Symbotic (NASDAQ:SYM) Stock Price Down 21.5% After Insider Selling

Symbotic Inc. (NASDAQ:SYM) fell 21.5% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $66.13 and last traded at $66.95. 7,205,757 shares changed hands during mid-day trading, an increase of 246% from the average session volume of 2,084,642 shares. The stock had previously closed at $85.30.

Specifically, Director Merline Saintil sold 9,000 shares of the business’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $84.72, for a total transaction of $762,480.00. Following the completion of the sale, the director owned 68,413 shares in the company, valued at approximately $5,795,949.36. The trade was a 11.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO James Kuffner sold 8,348 shares of the company’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $81.30, for a total transaction of $678,692.40. Following the transaction, the chief technology officer owned 30,640 shares in the company, valued at approximately $2,491,032. The trade was a 21.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SYM shares. DA Davidson reissued a “neutral” rating and set a $47.00 target price on shares of Symbotic in a research report on Tuesday, November 25th. Cowen reissued a “buy” rating on shares of Symbotic in a report on Wednesday. Robert W. Baird raised their target price on Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a report on Wednesday, November 26th. Deutsche Bank Aktiengesellschaft lifted their target price on Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a research report on Tuesday, November 25th. Finally, The Goldman Sachs Group lowered Symbotic from a “neutral” rating to a “sell” rating and set a $47.00 price target for the company. in a research report on Tuesday. Six equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $56.07.

Symbotic Stock Up 9.4%

The firm has a 50 day moving average of $67.75 and a 200 day moving average of $52.22. The firm has a market cap of $43.31 billion, a PE ratio of -488.13, a P/E/G ratio of 18.99 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, November 24th. The company reported ($0.03) earnings per share 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 business had revenue of $618.46 million during the quarter, compared to analysts’ expectations of $604.00 million. During the same quarter in the previous year, the business earned $0.47 EPS. Symbotic’s revenue for the quarter was up 9.5% on a year-over-year basis. On average, research analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Institutional Investors Weigh In On Symbotic

A number of institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC bought a new position in Symbotic in the 3rd quarter valued at $34,296,000. Amanah Holdings Trust purchased a new position in shares of Symbotic during the second quarter worth approximately $19,824,000. Franklin Resources Inc. lifted its holdings in shares of Symbotic by 3,188.8% in the 3rd quarter. Franklin Resources Inc. now owns 274,155 shares of the company’s stock worth $14,777,000 after acquiring an additional 265,819 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Symbotic in the 1st quarter worth approximately $4,968,000. Finally, Handelsbanken Fonder AB boosted its stake in shares of Symbotic by 626.4% in the 3rd quarter. Handelsbanken Fonder AB now owns 274,178 shares of the company’s stock valued at $14,778,000 after purchasing an additional 236,435 shares in the last quarter.

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.