Insider Selling: Symbotic (NASDAQ:SYM) Director Sells $87,140.00 in Stock

Key Points

• Symbotic director Todd Krasnow sold 2,000 shares at an average price of $43.57, totaling $87,140, under a pre-arranged Rule 10b5-1 trading plan. He also sold 2,000 shares each in July and August.
• Symbotic shares recently traded at $41.10, well below the 52-week high of $87.88. The stock has a market capitalization of approximately $24.86 billion and a notably high P/E ratio of 473.56.
• The company’s latest quarterly revenue rose 21.7% year over year to $720.84 million, exceeding estimates, although EPS of $0.09 missed consensus by $0.04. Analysts have an overall “Hold” rating and an average price target of $65.42.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $43.57, for a total value of $87,140.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Monday, August 3rd, Todd Krasnow sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $45.27, for a total transaction of $90,540.00.
• On Monday, July 6th, Todd Krasnow sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $43.92, for a total transaction of $87,840.00.

Symbotic Price Performance

Shares of NASDAQ:SYM traded down $1.52 during midday trading on Thursday, reaching $41.10. The company's stock had a trading volume of 1,171,345 shares, compared to its average volume of 1,477,976. The business's fifty day simple moving average is $41.91 and its 200-day simple moving average is $47.78. Symbotic Inc. has a fifty-two week low of $37.68 and a fifty-two week high of $87.88. The company has a market capitalization of $24.86 billion, a P/E ratio of 473.56, a P/E/G ratio of 6.77 and a beta of 1.94.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.04). Symbotic had a return on equity of 1.40% and a net margin of 0.48%.The company had revenue of $720.84 million for the quarter, compared to the consensus estimate of $715.03 million. During the same period in the prior year, the company earned ($0.05) EPS. The firm's revenue was up 21.7% compared to the same quarter last year. On average, analysts forecast that Symbotic Inc. will post 0.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

SYM has been the topic of several research reports. Needham & Company LLC reaffirmed a "buy" rating and set a $75.00 price objective on shares of Symbotic in a report on Thursday, August 6th. The Goldman Sachs Group dropped their target price on Symbotic from $54.00 to $45.00 and set a "sell" rating for the company in a research report on Tuesday, May 26th. Zacks Research upgraded Symbotic from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 5th. Weiss Ratings cut Symbotic from a "hold (c-)" rating to a "sell (d+)" rating in a report on Friday, September 4th. Finally, Robert W. Baird set a $51.00 target price on shares of Symbotic in a research report on Thursday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $65.42.

Hedge Funds Weigh In On Symbotic

Several institutional investors have recently modified their holdings of the stock. Parkside Financial Bank & Trust boosted its stake in Symbotic by 100.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company's stock worth $32,000 after acquiring an additional 268 shares during the last quarter. Quarry LP bought a new stake in Symbotic in the fourth quarter valued at approximately $36,000. Parallel Advisors LLC raised its holdings in Symbotic by 67.3% in the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company's stock worth $37,000 after purchasing an additional 249 shares during the period. Gordian Capital Singapore Pte Ltd bought a new position in shares of Symbotic during the fourth quarter worth $48,000. Finally, NewEdge Advisors LLC increased its position in shares of Symbotic by 81.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock valued at $50,000 after buying an additional 573 shares in the last quarter.

About Symbotic

Symbotic Inc is an automation technology company that develops artificial intelligence-enabled robotics and software for large-scale warehouses and distribution centers. Its systems are designed to automate the movement, storage and retrieval of pallets and cases, helping customers manage inventory and improve the efficiency of supply-chain operations.

The company's platform combines robotics, machine learning, warehouse-control software and automated storage systems. Symbotic's technology can receive goods, organize inventory, retrieve products and assemble orders for shipment, supporting distribution operations for retail and grocery companies.

Symbotic was founded in 2006 and is headquartered in Wilmington, Massachusetts.

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