Symbotic (NASDAQ:SYM) Hits New 1-Year Low After Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s share price hit a new 52-week low during trading on Friday following insider selling activity. The company traded as low as $16.52 and last traded at $16.63, with a volume of 675402 shares traded. The stock had previously closed at $18.24.

Specifically, insider Michael David Dunn sold 2,040 shares of Symbotic stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $22.24, for a total transaction of $45,369.60. Following the completion of the transaction, the insider now directly owns 23,822 shares of the company’s stock, valued at $529,801.28. The trade was a 7.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Ratings Changes

SYM has been the topic of a number of research reports. The Goldman Sachs Group decreased their price target on shares of Symbotic from $28.00 to $25.00 and set a “neutral” rating on the stock in a research note on Thursday, February 6th. Citigroup reissued a “buy” rating and set a $37.00 target price on shares of Symbotic in a research note on Monday, January 13th. BWS Financial reiterated a “sell” rating and set a $10.00 price target on shares of Symbotic in a report on Wednesday. Needham & Company LLC dropped their price objective on shares of Symbotic from $35.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, February 6th. Finally, Raymond James cut shares of Symbotic from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 6th. One 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. According to data from MarketBeat.com, Symbotic currently has an average rating of “Hold” and a consensus target price of $38.20.

Symbotic Price Performance

The firm has a market cap of $9.89 billion, a P/E ratio of -236.24, a price-to-earnings-growth ratio of 6.48 and a beta of 1.85. The firm has a fifty day simple moving average of $24.56 and a 200-day simple moving average of $26.64.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. On average, equities analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SYM. IFP Advisors Inc lifted its position in shares of Symbotic by 58.2% during the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock worth $32,000 after acquiring an additional 503 shares in the last quarter. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Symbotic during the 4th quarter valued at $47,000. Private Trust Co. NA purchased a new stake in Symbotic during the 4th quarter worth about $47,000. Jones Financial Companies Lllp boosted its stake in Symbotic by 154.1% in the 4th quarter. Jones Financial Companies Lllp now owns 2,457 shares of the company’s stock worth $58,000 after purchasing an additional 1,490 shares during the period. Finally, Quarry LP increased its position in shares of Symbotic by 89.9% during the third quarter. Quarry LP now owns 3,508 shares of the company’s stock valued at $86,000 after buying an additional 1,661 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.