Symbotic (NASDAQ:SYM) Stock Price Down 1.1% After Insider Selling

Shares of Symbotic Inc. (NASDAQ:SYM) traded down 1.1% during mid-day trading on Thursday following insider selling activity. The company traded as low as $23.39 and last traded at $23.91. 218,784 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,593,506 shares. The stock had previously closed at $24.18.

Specifically, insider Michael David Dunn sold 5,266 shares of Symbotic stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total value of $125,383.46. Following the completion of the transaction, the insider now directly owns 85,224 shares of the company’s stock, valued at approximately $2,029,183.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $23.96, for a total value of $47,920.00. Following the completion of the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $47,920. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. BWS Financial reissued a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research report on Friday, September 27th. TD Cowen reduced their target price on Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a research note on Tuesday, July 30th. Northland Securities reduced their target price on Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, July 30th. Finally, Needham & Company LLC reduced their target price on Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Stock Up 3.4 %

The business’s fifty day moving average is $22.63 and its 200 day moving average is $34.24.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). The company had revenue of $491.86 million during the quarter, compared to the consensus estimate of $464.56 million. Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The company’s revenue for the quarter was up 57.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.07) EPS. On average, analysts expect that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Symbotic

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. RFP Financial Group LLC raised its holdings in Symbotic by 21.2% during the 1st quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after acquiring an additional 242 shares during the period. Advisors Asset Management Inc. increased its holdings in shares of Symbotic by 11.6% in the first quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock worth $123,000 after purchasing an additional 284 shares during the period. California State Teachers Retirement System increased its holdings in shares of Symbotic by 4.5% in the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock worth $678,000 after purchasing an additional 654 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Symbotic by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after purchasing an additional 679 shares during the period. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Symbotic by 7.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock worth $597,000 after purchasing an additional 800 shares during the period.

About Symbotic

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.