Symbotic (NASDAQ:SYM) Director Sells $86,340.00 in Stock

Key Points

• Director Charles Kane sold 2,000 Symbotic shares for $86,340 at an average price of $43.17, reducing his direct holdings by 2.18% to 89,852 shares. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan.
• Symbotic shares recently traded at $42.87, down 0.9%, with a market capitalization of approximately $25.93 billion. The stock has ranged from $37.68 to $87.88 over the past year.
• Analyst sentiment is mixed, with seven Buy, five Hold and two Sell ratings; the overall consensus is Hold, with a $65.45 target price. The company’s latest quarter showed 21.7% year-over-year revenue growth, although earnings per share missed estimates.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) Director Charles Kane sold 2,000 shares of the firm's stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $43.17, for a total transaction of $86,340.00. Following the completion of the transaction, the director directly owned 89,852 shares in the company, valued at $3,878,910.84. This trade represents a 2.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Tuesday, September 1st, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $39.00, for a total transaction of $78,000.00.
• On Monday, August 3rd, Charles Kane sold 2,000 shares of Symbotic stock. The stock was sold at an average price of $43.21, for a total transaction of $86,420.00.

Symbotic Stock Down 0.9%

NASDAQ SYM traded down $0.41 during trading hours on Monday, hitting $42.87. The company's stock had a trading volume of 1,363,790 shares, compared to its average volume of 1,585,654. Symbotic Inc. has a twelve month low of $37.68 and a twelve month high of $87.88. The firm has a market capitalization of $25.93 billion, a P/E ratio of 476.33, a PEG ratio of 4.81 and a beta of 1.97. The stock has a fifty day moving average of $42.19 and a 200 day moving average of $46.62.

Symbotic (NASDAQ:SYM - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.13 by ($0.04). The business had revenue of $720.84 million for 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%.Symbotic's revenue was up 21.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS. On average, analysts predict that Symbotic Inc. will post 0.21 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on SYM shares. Weiss Ratings upgraded Symbotic from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, September 21st. Zacks Research upgraded Symbotic from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 5th. Barclays decreased their target price on Symbotic from $44.00 to $38.00 and set an "underweight" rating for the company in a research report on Tuesday, September 8th. Needham & Company LLC lowered their price target on Symbotic from C$75.00 to C$60.00 and set a "buy" rating for the company in a research note on Tuesday, September 15th. Finally, Robert W. Baird set a $51.00 price target on shares of Symbotic in a research report on Thursday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Symbotic has an average rating of "Hold" and a consensus target price of $65.45.

Institutional Trading of Symbotic

A number of large investors have recently bought and sold shares of SYM. Concurrent Investment Advisors LLC lifted its stake in Symbotic by 5.2% in the second quarter. Concurrent Investment Advisors LLC now owns 5,811 shares of the company's stock valued at $261,000 after buying an additional 287 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Symbotic by 5.4% during the first quarter. International Assets Investment Management LLC now owns 5,844 shares of the company's stock worth $320,000 after acquiring an additional 300 shares during the period. QRG Capital Management Inc. raised its holdings in shares of Symbotic by 7.2% during the second quarter. QRG Capital Management Inc. now owns 5,100 shares of the company's stock worth $229,000 after acquiring an additional 344 shares during the period. IAG Wealth Partners LLC lifted its position in Symbotic by 29.4% in the 1st quarter. IAG Wealth Partners LLC now owns 1,752 shares of the company's stock valued at $93,000 after acquiring an additional 398 shares in the last quarter. Finally, Midwest Professional Planners LTD. lifted its position in Symbotic by 8.7% in the 2nd quarter. Midwest Professional Planners LTD. now owns 5,308 shares of the company's stock valued at $239,000 after acquiring an additional 423 shares in the last quarter.

About Symbotic

Symbotic Inc is a technology company that develops automation systems for warehouse and supply-chain operations. Its platform combines artificial intelligence, robotics, software and high-speed material-handling equipment to automate the movement, storage and retrieval of goods within large distribution centers.

The company's solutions are designed to manage products from inbound receiving and pallet depalletizing through storage, replenishment, order assembly and outbound shipping. Symbotic's systems use autonomous robots and software to organize inventory and build store-ready orders, helping retailers and other supply-chain operators improve warehouse utilization, throughput and operational consistency.

Symbotic primarily serves large retail and grocery distribution networks, with deployments concentrated in North America.

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