Insider Selling: Symbotic Inc. (NASDAQ:SYM) Director Sells 2,000 Shares of Stock

Symbotic Inc. (NASDAQ:SYM) Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the sale, the director now owns 214,036 shares of the company’s stock, valued at $4,013,175. The transaction was disclosed in a filing with the SEC, which is available through this link.

Todd Krasnow also recently made the following trade(s):

• On Monday, August 5th, Todd Krasnow sold 17,000 shares of Symbotic stock. The stock was sold at an average price of $21.46, for a total value of $364,820.00.
• On Tuesday, July 2nd, Todd Krasnow sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $35.49, for a total value of $70,980.00.

Symbotic Trading Down 0.7 %

Shares of NASDAQ:SYM traded down $0.12 during trading on Thursday, reaching $18.00. The company’s stock had a trading volume of 1,808,056 shares, compared to its average volume of 1,557,874. The firm’s 50 day simple moving average is $29.23 and its two-hundred day simple moving average is $37.24. Symbotic Inc. has a 12 month low of $17.11 and a 12 month high of $59.82. The stock has a market capitalization of $10.54 billion, a PE ratio of -75.00 and a beta of 1.82.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Monday, July 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate 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 negative net margin of 1.03% and a positive return on equity of 4.08%. Symbotic’s revenue for the quarter was up 57.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.07) earnings per share. Research analysts anticipate that Symbotic Inc. will post -0.08 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on SYM shares. Craig Hallum decreased their target price on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research note on Tuesday, July 30th. TD Cowen cut their price target on Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Vertical Research started coverage on Symbotic in a research note on Tuesday, July 23rd. They issued a “hold” rating and a $45.00 price objective for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Symbotic currently has a consensus rating of “Moderate Buy” and an average target price of $43.23.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. bought a new position in shares of Symbotic during the first quarter valued at approximately $426,752,000. 1832 Asset Management L.P. lifted its position in shares of Symbotic by 189.5% during the fourth quarter. 1832 Asset Management L.P. now owns 1,055,400 shares of the company’s stock worth $54,174,000 after purchasing an additional 690,900 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after purchasing an additional 509,700 shares during the period. Vanguard Group Inc. grew its holdings in shares of Symbotic by 16.6% in the first quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after purchasing an additional 345,386 shares during the last quarter. Finally, Zevenbergen Capital Investments LLC grew its holdings in shares of Symbotic by 1,826.2% in the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company’s stock worth $16,253,000 after purchasing an additional 342,417 shares during the last quarter.

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.