Symbotic Inc. (NASDAQ:SYM) Insider Sells $591,678.70 in Stock

Key Points

• Insider William M. Boyd III sold 11,735 shares of Symbotic Inc. for $591,678.70, reducing his ownership by 26.90% to 31,884 shares.
• Symbotic stock rose 11.7% to $63.21, with a significant trading volume of nearly 4.92 million shares during the session.
• The company posted a 39.7% year-over-year revenue increase, reporting $549.65 million despite a loss of ($0.04) EPS that missed estimates.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) insider William M. Boyd III sold 11,735 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $50.42, for a total value of $591,678.70. Following the transaction, the insider directly owned 31,884 shares in the company, valued at $1,607,591.28. This trade represents a 26.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Symbotic Trading Up 11.7%

Symbotic stock traded up $6.64 during mid-day trading on Tuesday, hitting $63.21. The stock had a trading volume of 4,916,491 shares, compared to its average volume of 1,944,406. The firm has a market capitalization of $37.27 billion, a P/E ratio of -1,580.25, a P/E/G ratio of 52.97 and a beta of 2.06. The firm's 50 day moving average is $40.77 and its 200 day moving average is $30.02. Symbotic Inc. has a one year low of $16.32 and a one year high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). The firm had revenue of $549.65 million during the quarter, compared to the consensus estimate of $522.36 million. Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The company's quarterly revenue was up 39.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.07) EPS. As a group, equities research analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Arete lowered shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price for the company. in a report on Friday, July 25th. Northland Securities lifted their target price on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Friday, July 25th. Citigroup restated a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Finally, The Goldman Sachs Group decreased their price objective on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $39.87.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Hunter Associates Investment Management LLC bought a new position in Symbotic in the 2nd quarter worth $361,000. Spire Wealth Management lifted its stake in Symbotic by 42.7% in the 2nd quarter. Spire Wealth Management now owns 19,404 shares of the company's stock worth $754,000 after purchasing an additional 5,808 shares in the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its stake in Symbotic by 57.7% in the 2nd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 36,527 shares of the company's stock worth $1,419,000 after purchasing an additional 13,369 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in Symbotic in the 2nd quarter worth $284,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Symbotic in the 2nd quarter worth $5,504,000.

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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