Symbotic (NASDAQ:SYM) Insider Sells 2,244 Shares

Key Points

• Insider sale: Maria Freve sold 2,244 Symbotic shares for approximately $90,388 to cover tax withholding tied to vested equity awards, reducing her position by 42.02% to 3,096 shares.
• Stock performance: Symbotic shares recently traded at $41.11, near their 12-month low of $38.19 and well below the 12-month high of $87.88. The company has a $24.78 billion market capitalization.
• Mixed outlook: Symbotic’s latest revenue exceeded estimates and rose 23.1% year over year, but adjusted earnings missed expectations. Analysts’ consensus rating is “Hold,” with an average price target of $66.50, while recent ratings ranged from “Buy” to “Strong Sell.”

Symbotic Inc. (NASDAQ:SYM - Get Free Report) insider Maria Freve sold 2,244 shares of the company's stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $40.28, for a total transaction of $90,388.32. Following the completion of the transaction, the insider owned 3,096 shares of the company's stock, valued at approximately $124,706.88. This trade represents a 42.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Symbotic Price Performance

SYM stock traded down $0.38 during mid-day trading on Tuesday, reaching $41.11. 792,139 shares of the company's stock were exchanged, compared to its average volume of 1,861,567. The company has a market cap of $24.78 billion, a price-to-earnings ratio of -819.56, a price-to-earnings-growth ratio of 5.92 and a beta of 1.93. The stock's 50 day moving average is $44.09 and its 200 day moving average is $52.17. Symbotic Inc. has a 12-month low of $38.19 and a 12-month high of $87.88.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.12 by ($0.11). Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The business had revenue of $676.48 million during the quarter, compared to analysts' expectations of $662.65 million. During the same quarter last year, the firm earned ($0.04) earnings per share. The firm's quarterly revenue was up 23.1% compared to the same quarter last year. On average, research analysts forecast that Symbotic Inc. will post 0.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada grew its position in Symbotic by 28.8% in the 1st quarter. Royal Bank of Canada now owns 84,856 shares of the company's stock valued at $1,714,000 after acquiring an additional 18,967 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Symbotic by 15.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company's stock valued at $1,716,000 after purchasing an additional 11,098 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Symbotic in the second quarter valued at $804,000. Invesco Ltd. boosted its holdings in Symbotic by 33.2% in the second quarter. Invesco Ltd. now owns 304,207 shares of the company's stock valued at $11,818,000 after purchasing an additional 75,828 shares during the period. Finally, Cresset Asset Management LLC purchased a new position in Symbotic in the second quarter valued at $267,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. DA Davidson reissued a "buy" rating and set a $70.00 price objective on shares of Symbotic in a research note on Monday, May 11th. The Goldman Sachs Group lowered their price target on shares of Symbotic from $54.00 to $45.00 and set a "sell" rating on the stock in a research report on Tuesday, May 26th. Weiss Ratings cut shares of Symbotic from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, May 11th. Finally, Zacks Research downgraded shares of Symbotic from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and five have given a Sell rating to the company's stock. According to data from MarketBeat.com, Symbotic presently has an average rating of "Hold" and a consensus price target of $66.50.

About Symbotic

Symbotic Inc NASDAQ: SYM is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.

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