Symbotic Inc. (NASDAQ:SYM) Major Shareholder Sells $815,250.00 in Stock

Key Points

• Major shareholder David A. Ladensohn sold 15,000 shares of Symbotic Inc. stock for $815,250, reducing his ownership by 60% to 10,000 shares valued at approximately $543,500.
• Symbotic reported a quarterly earnings miss with an EPS of ($0.05), below the expected $0.03, but saw a year-over-year revenue increase of 25.9% to $592.12 million.
• Multiple analysts have recently revised their ratings on Symbotic, with Oppenheimer raising its price target to $59 while others have downgraded it, resulting in an average rating of "Hold" with a price target of $42.69.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) major shareholder David A. Ladensohn sold 15,000 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $54.35, for a total value of $815,250.00. Following the transaction, the insider directly owned 10,000 shares in the company, valued at $543,500. The trade was a 60.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Major shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Symbotic Trading Up 3.8%

Symbotic stock traded up $1.95 during trading hours on Wednesday, hitting $53.68. The stock had a trading volume of 1,922,093 shares, compared to its average volume of 2,908,303. The company has a 50-day moving average of $44.49 and a two-hundred day moving average of $31.20. Symbotic Inc. has a fifty-two week low of $16.32 and a fifty-two week high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.08). The firm had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The company's revenue was up 25.9% on a year-over-year basis. During the same period last year, the company earned ($0.02) EPS. As a group, equities analysts forecast that Symbotic Inc. will post 0.13 EPS for the current year.

Hedge Funds Weigh In On Symbotic

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in shares of Symbotic by 1,812.2% during the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock worth $29,000 after buying an additional 1,341 shares during the period. Ulland Investment Advisors LLC bought a new position in shares of Symbotic during the 1st quarter worth approximately $31,000. AdvisorNet Financial Inc acquired a new stake in Symbotic during the 2nd quarter valued at $32,000. IAG Wealth Partners LLC acquired a new stake in Symbotic during the 2nd quarter valued at $32,000. Finally, Gables Capital Management Inc. acquired a new stake in Symbotic during the 2nd quarter valued at $39,000.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SYM. Oppenheimer upped their price target on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a research report on Thursday, August 7th. Arete downgraded Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target for the company. in a research note on Friday, July 25th. Deutsche Bank Aktiengesellschaft downgraded Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price target for the company. in a research note on Friday, July 18th. Needham & Company LLC upped their price target on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Robert W. Baird downgraded Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price target for the company. in a research note on Thursday, August 7th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $42.69.

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.

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