Symbotic (NASDAQ:SYM) Stock Price Down 0.8% on Insider Selling

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price was down 0.8% during trading on Wednesday following insider selling activity. The company traded as low as $44.35 and last traded at $45.61. Approximately 133,173 shares traded hands during trading, a decline of 91% from the average daily volume of 1,484,735 shares. The stock had previously closed at $46.00.

Specifically, Director Todd Krasnow sold 2,000 shares of the business's stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $42.20, for a total transaction of $84,400.00. Following the transaction, the director now owns 10,447 shares of the company's stock, valued at approximately $440,863.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the business's stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $42.20, for a total transaction of $84,400.00. Following the transaction, the director now owns 10,447 shares of the company's stock, valued at approximately $440,863.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Merline Saintil sold 3,135 shares of Symbotic stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $44.74, for a total value of $140,259.90. Following the transaction, the director now owns 62,312 shares of the company's stock, valued at $2,787,838.88. The disclosure for this sale can be found here. Insiders have sold 7,188,628 shares of company stock valued at $279,026,777 in the last 90 days. 38.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

SYM has been the subject of several research analyst reports. Cantor Fitzgerald reiterated an "overweight" rating and set a $60.00 target price on shares of Symbotic in a research note on Tuesday, February 6th. The Goldman Sachs Group reduced their target price on Symbotic from $51.00 to $44.00 and set a "neutral" rating for the company in a research note on Tuesday, February 6th. Robert W. Baird reduced their target price on Symbotic from $54.00 to $52.00 and set an "outperform" rating for the company in a research note on Tuesday, February 6th. DA Davidson upgraded Symbotic from a "neutral" rating to a "buy" rating and set a $50.00 price target for the company in a research note on Wednesday, February 7th. Finally, Needham & Company LLC reduced their price target on Symbotic from $58.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, February 6th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $54.00.

Symbotic Trading Down 3.3 %

The business has a 50-day moving average price of $44.06 and a two-hundred day moving average price of $43.63. The stock has a market capitalization of $25.68 billion, a P/E ratio of -164.81 and a beta of 1.91.

Symbotic (NASDAQ:SYM - Get Free Report) last released its earnings results on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.03. The firm had revenue of $368.45 million during the quarter, compared to the consensus estimate of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. On average, sell-side analysts forecast that Symbotic Inc. will post -0.02 earnings per share for the current fiscal year.

Institutional Trading of Symbotic

A number of institutional investors have recently modified their holdings of SYM. Van ECK Associates Corp acquired a new position in shares of Symbotic during the 4th quarter worth $26,000. Rockefeller Capital Management L.P. acquired a new position in shares of Symbotic during the 4th quarter worth $29,000. Providence Capital Advisors LLC acquired a new position in shares of Symbotic during the 3rd quarter worth $33,000. National Bank of Canada FI raised its holdings in shares of Symbotic by 66.7% during the 3rd quarter. National Bank of Canada FI now owns 1,000 shares of the company's stock worth $35,000 after buying an additional 400 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Symbotic by 1,412.0% during the 1st quarter. JPMorgan Chase & Co. now owns 1,512 shares of the company's stock worth $35,000 after buying an additional 1,412 shares in 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.