Symbotic Inc. (NASDAQ:SYM) Director Rollin L. Ford Sells 90,000 Shares

Key Points

• Rollin L. Ford, Director of Symbotic Inc., sold 90,000 shares of the company's stock at an average price of $51.57, totaling approximately $4.64 million, representing an 86.12% decrease in his ownership.
• Symbotic reported an earnings miss for the last quarter with an EPS of ($0.05), falling short of expectations, despite a revenue increase of 25.9% year-over-year.
• Several hedge funds have increased their positions in Symbotic in the last quarter, indicating renewed investor interest as companies like LPL Financial and JPMorgan Chase made significant acquisitions of the stock.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) Director Rollin L. Ford sold 90,000 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the completion of the transaction, the director directly owned 14,507 shares of the company's stock, valued at approximately $748,125.99. The trade was a 86.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Symbotic Price Performance

NASDAQ:SYM traded down $0.95 during trading hours on Thursday, reaching $52.73. The company's stock had a trading volume of 1,431,843 shares, compared to its average volume of 2,807,429. The firm has a 50-day simple moving average of $44.96 and a 200-day simple moving average of $31.37. Symbotic Inc. has a 1 year low of $16.32 and a 1 year high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%. The business had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. During the same quarter in the previous year, the business earned ($0.02) EPS. Symbotic's revenue for the quarter was up 25.9% compared to the same quarter last year. Research analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current year.

Hedge Funds Weigh In On Symbotic

A number of hedge funds have recently modified their holdings of SYM. LPL Financial LLC increased its position in shares of Symbotic by 31.5% in the fourth quarter. LPL Financial LLC now owns 43,167 shares of the company's stock valued at $1,023,000 after acquiring an additional 10,341 shares during the period. JPMorgan Chase & Co. increased its position in shares of Symbotic by 100.6% in the fourth quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock valued at $411,000 after acquiring an additional 3,110,075 shares during the period. Geode Capital Management LLC increased its position in shares of Symbotic by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 505,114 shares of the company's stock valued at $11,981,000 after acquiring an additional 1,356 shares during the period. Invesco Ltd. increased its position in shares of Symbotic by 25.9% in the fourth quarter. Invesco Ltd. now owns 727,890 shares of the company's stock valued at $17,258,000 after acquiring an additional 149,918 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Symbotic in the fourth quarter valued at about $20,754,000.

Analyst Ratings Changes

Several research analysts have commented on the stock. Robert W. Baird downgraded shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price target for the company. in a report on Thursday, August 7th. Oppenheimer raised their price target on shares of Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Arete Research downgraded shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Finally, Baird R W downgraded shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $42.69.

Symbotic Company Profile

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.

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