Insider Selling: Symbotic (NASDAQ:SYM) Director Sells $76,880.00 in Stock

Key Points

• Symbotic Director Charles Kane sold 2,000 shares for $76,880 at an average price of $38.44 under a pre-arranged Rule 10b5-1 plan. He retained 89,852 shares after the sale.
• Shares recently traded at $37.51, near the company’s 12-month low of $36.02 and well below its $87.88 high. In its latest reported quarter, revenue rose 21.7% year over year to $720.84 million, while EPS of $0.09 missed estimates.
• Analysts’ consensus rating is Hold, with a consensus price target of $65.83; seven analysts rate the stock Buy, five Hold, and two Sell.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) Director Charles Kane sold 2,000 shares of the firm's stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $38.44, for a total value of $76,880.00. Following the completion of the transaction, the director directly owned 89,852 shares of the company's stock, valued at approximately $3,453,910.88. This trade represents a 2.18% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Charles Kane also recently made the following trade(s):

• On Thursday, October 1st, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $43.17, for a total transaction of $86,340.00.
• On Tuesday, September 1st, Charles Kane sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $39.00, for a total transaction of $78,000.00.

Symbotic Price Performance

Shares of Symbotic stock traded down $0.01 during trading on Wednesday, hitting $37.51. 1,521,927 shares of the company's stock traded hands, compared to its average volume of 1,807,019. The company has a market cap of $22.69 billion, a PE ratio of 416.78, a PEG ratio of 3.52 and a beta of 2.06. The firm's fifty day moving average price is $41.18 and its 200 day moving average price is $47.88. Symbotic Inc. has a twelve month low of $36.02 and a twelve month high of $87.88.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). The business had revenue of $720.84 million during the quarter, compared to analyst estimates of $715.03 million. Symbotic had a return on equity of 1.40% and a net margin of 0.48%. The business's revenue for the quarter was up 21.7% on a year-over-year basis. During the same period last year, the company earned ($0.05) EPS. As a group, equities research analysts anticipate that Symbotic Inc. will post 0.21 earnings per share for the current year.

Hedge Funds Weigh In On Symbotic

Several large investors have recently bought and sold shares of SYM. Sei Investments Co. grew its holdings in Symbotic by 21.0% during the 1st quarter. Sei Investments Co. now owns 144,420 shares of the company's stock worth $7,683,000 after acquiring an additional 25,024 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Symbotic by 26.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 109,015 shares of the company's stock valued at $5,789,000 after acquiring an additional 22,895 shares during the last quarter. Amundi lifted its stake in shares of Symbotic by 68.5% in the 1st quarter. Amundi now owns 108,553 shares of the company's stock valued at $5,775,000 after purchasing an additional 44,132 shares during the period. Royal Bank of Canada lifted its stake in shares of Symbotic by 41.1% in the 1st quarter. Royal Bank of Canada now owns 100,018 shares of the company's stock valued at $5,321,000 after purchasing an additional 29,152 shares during the period. Finally, Wealthfront Advisers LLC lifted its stake in shares of Symbotic by 168.1% in the 1st quarter. Wealthfront Advisers LLC now owns 71,248 shares of the company's stock valued at $3,790,000 after purchasing an additional 44,676 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Barclays dropped their target price on Symbotic from $44.00 to $38.00 and set an "underweight" rating for the company in a report on Tuesday, September 8th. TD Cowen dropped their price target on Symbotic from $75.00 to $70.00 and set a "buy" rating for the company in a report on Thursday, October 22nd. Needham & Company LLC cut their price objective on Symbotic from C$75.00 to C$60.00 and set a "buy" rating for the company in a research report on Tuesday, September 15th. Weiss Ratings upgraded Symbotic from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, September 21st. Finally, Zacks Research raised Symbotic from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 5th. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $65.83.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for supply chain and warehouse operations. Its systems are designed to automate the movement, storage, retrieval and replenishment of pallets and cases within large distribution centers, helping customers manage inventory and fulfill orders more efficiently.

The company's platform combines mobile robots, automated storage and retrieval systems, robotic palletizing and depalletizing equipment, and warehouse-control software.

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