Symbotic (NASDAQ:SYM) Director Sells $1,190,500.00 in Stock

Key Points

• Charles Kane, a director at Symbotic, sold 25,000 shares for $1,190,500, reflecting a 23.92% decrease in his position, and now owns 79,507 shares valued at approximately $3.79 million.
• Symbotic's stock fell 1.3% to $43.90, with trading volume significantly below average and a notable 12-month high of $64.16.
• Despite a larger-than-expected revenue of $592.12 million for the recent quarter, the company reported a loss of ($0.05) earnings per share, missing analysts' estimates by $0.08.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) Director Charles Kane sold 25,000 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total value of $1,190,500.00. Following the completion of the transaction, the director directly owned 79,507 shares in the company, valued at $3,786,123.34. This trade represents a 23.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Symbotic Stock Down 1.3%

Shares of SYM stock traded down $0.60 during trading hours on Thursday, reaching $43.90. 1,201,492 shares of the company traded hands, compared to its average volume of 2,595,243. Symbotic Inc. has a 12-month low of $16.32 and a 12-month high of $64.16. The firm has a 50-day moving average price of $46.84 and a 200 day moving average price of $32.00.

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

Institutional Trading of Symbotic

A number of large investors have recently made changes to their positions in SYM. Walmart Inc. bought a new stake in shares of Symbotic in the 4th quarter worth about $355,650,000. JPMorgan Chase & Co. increased its holdings in shares of Symbotic by 100.6% in the 4th quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock worth $411,000 after buying an additional 3,110,075 shares during the last quarter. Amanah Holdings Trust bought a new stake in shares of Symbotic in the 2nd quarter worth about $19,824,000. Canada Pension Plan Investment Board bought a new stake in shares of Symbotic in the 1st quarter worth about $4,968,000. Finally, Hood River Capital Management LLC bought a new stake in shares of Symbotic in the 4th quarter worth about $5,704,000.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SYM. Needham & Company LLC lifted their target price on shares of Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Citigroup restated a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Baird R W cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Arete cut shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price on the stock. in a research note on Friday, July 25th. Finally, Zacks Research cut shares of Symbotic from a "hold" rating to a "strong sell" rating in a research note on Friday, August 15th. Seven analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target 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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