Symbotic (NASDAQ:SYM) Shares Gap Down Following Insider Selling

Symbotic Inc. (NASDAQ:SYM) gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $30.92, but opened at $25.88. Symbotic shares last traded at $27.10, with a volume of 1,441,955 shares changing hands.

Specifically, CFO Carol J. Hibbard sold 4,055 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $30.70, for a total value of $124,488.50. Following the sale, the chief financial officer now owns 44,386 shares in the company, valued at $1,362,650.20. This represents a 8.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Michael David Dunn sold 1,971 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $30.00, for a total value of $59,130.00. Following the transaction, the insider now directly owns 22,301 shares in the company, valued at $669,030. The trade was a 8.12 % 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 commented on SYM shares. Oppenheimer assumed coverage on shares of Symbotic in a report on Wednesday, January 15th. They set an “outperform” rating and a $35.00 target price on the stock. Craig Hallum cut Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price on the stock. in a report on Wednesday, November 27th. UBS Group dropped their target price on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. KeyCorp reissued a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. Finally, William Blair reissued a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $38.33.

Symbotic Price Performance

The company has a market cap of $15.49 billion, a P/E ratio of -439.50, a P/E/G ratio of 7.29 and a beta of 1.79. The company’s 50-day moving average is $27.15 and its two-hundred day moving average is $26.82.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Wednesday, February 5th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. Equities research analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SYM. IFP Advisors Inc grew its stake in shares of Symbotic by 58.2% during the 4th quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock valued at $32,000 after purchasing an additional 503 shares during the period. Castleview Partners LLC increased its holdings in Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after acquiring an additional 500 shares in the last quarter. Private Trust Co. NA purchased a new position in Symbotic during the fourth quarter valued at approximately $47,000. Arcadia Investment Management Corp MI purchased a new position in Symbotic during the third quarter valued at approximately $49,000. Finally, RiverPark Advisors LLC boosted its position in shares of Symbotic by 147.1% in the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after purchasing an additional 1,211 shares during the period.

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.