Symbotic (NASDAQ:SYM) Sets New 1-Year Low on Insider Selling

Key Points

• Symbotic hit a new 52-week low, trading as low as $34.88 after closing at $37.51 the prior session.
• Two directors each sold 2,000 shares for about $77,000 on November 2. Both sales were made under pre-arranged Rule 10b5-1 plans.
• Analysts have a consensus Hold rating and an average price target of $65.83. In its latest reported quarter, Symbotic’s revenue rose 21.7% year over year and topped estimates, while EPS fell short.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price reached a new 52-week low on Thursday following insider selling activity. The company traded as low as $34.88 and last traded at $34.9810, with a volume of 365,730 shares trading hands. The stock had previously closed at $37.51.

Specifically, Director Charles Kane sold 2,000 shares of the firm's stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $38.44, for a total value of $76,880.00. Following 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $38.46, for a total transaction of $76,920.00. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

A number of research firms recently weighed in on SYM. Needham & Company LLC lowered their target price on shares of Symbotic from C$75.00 to C$60.00 and set a "buy" rating on the stock in a report on Tuesday, September 15th. Weiss Ratings upgraded Symbotic from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, September 21st. Robert W. Baird set a $51.00 price target on Symbotic in a research note on Thursday, August 6th. Zacks Research raised Symbotic from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 5th. Finally, Barclays lowered their price objective on Symbotic from $44.00 to $38.00 and set an "underweight" rating for the company in a research note on Tuesday, September 8th. 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 stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $65.83.

Key Symbotic News

Here are the key news stories impacting Symbotic this week:

• Positive Sentiment: The reported $6 billion Walmart partnership expansion could support future demand for Symbotic’s warehouse automation systems. Article: Walmart Expands Symbotic Automation Partnership with $6B Deal
• Neutral Sentiment: Articles noting heavy investor searches for SYM and comparing it with V2X do not report new company fundamentals or a clear change in outlook. Article: Investors Heavily Search Symbotic Article: VVX vs. SYM
• Negative Sentiment: Two directors, Charles Kane and Todd Krasnow, each sold 2,000 shares on November 2, for roughly $77,000 apiece. The sales may weigh on sentiment, but they were executed under pre-arranged Rule 10b5-1 plans; Kane retained 89,852 shares after his sale. Article: Symbotic Director Charles Kane Sells Shares

Symbotic Stock Down 6.9%

The stock has a market cap of $21.11 billion, a P/E ratio of 390.29, a price-to-earnings-growth ratio of 3.55 and a beta of 2.06. The business's 50-day simple moving average is $41.12 and its two-hundred day simple moving average is $47.73.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.09 earnings per share 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 analysts' expectations of $715.03 million. Symbotic had a return on equity of 1.40% and a net margin of 0.48%. Symbotic's revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.05) EPS. Analysts anticipate that Symbotic Inc. will post 0.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SYM. Fulcrum Asset Management LLP bought a new stake in shares of Symbotic during the third quarter valued at about $145,000. 180 Wealth Advisors LLC lifted its holdings in shares of Symbotic by 2.7% in the third quarter. 180 Wealth Advisors LLC now owns 63,385 shares of the company's stock worth $2,667,000 after buying an additional 1,668 shares in the last quarter. Verus Capital Partners LLC purchased a new stake in shares of Symbotic in the third quarter worth about $244,000. AlphaCentric Advisors LLC boosted its position in shares of Symbotic by 16.7% in the third quarter. AlphaCentric Advisors LLC now owns 17,500 shares of the company's stock valued at $736,000 after acquiring an additional 2,500 shares during the period. Finally, Alps Advisors Inc. bought a new position in shares of Symbotic in the third quarter valued at approximately $728,000.

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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