Symbotic (NASDAQ:SYM) Insider William Boyd III Sells 2,660 Shares of Stock

Key Points

• Symbotic Inc. insider William Boyd III sold 2,660 shares of the company's stock for $199,712.80, resulting in a 9.04% decrease in his overall position.
• The company recently experienced a 5.1% decline in stock price, with shares trading at $68.52 as of the latest session.
• Despite a quarterly revenue increase of 25.9%, Symbotic reported a loss of ($0.05) EPS, missing analysts' expectations.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) insider William Boyd III sold 2,660 shares of the company's stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $75.08, for a total value of $199,712.80. Following the completion of the transaction, the insider owned 26,769 shares of the company's stock, valued at approximately $2,009,816.52. This represents a 9.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Symbotic Stock Down 5.1%

Shares of NASDAQ SYM traded down $3.67 during trading on Friday, reaching $68.52. 1,892,482 shares of the stock were exchanged, compared to its average volume of 1,989,704. The company has a market capitalization of $40.46 billion, a price-to-earnings ratio of -978.72, a price-to-earnings-growth ratio of 14.60 and a beta of 2.06. The business's 50-day moving average price is $54.54 and its 200 day moving average price is $40.95. Symbotic Inc. has a twelve month low of $16.32 and a twelve month high of $79.58.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates 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 return on equity of 2.02% and a negative net margin of 0.38%.The business's quarterly revenue was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.02) EPS. As a group, sell-side analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Private Trust Co. NA increased its position in Symbotic by 10.0% in the second quarter. Private Trust Co. NA now owns 2,200 shares of the company's stock worth $85,000 after buying an additional 200 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Symbotic by 24.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock worth $69,000 after acquiring an additional 342 shares during the period. PNC Financial Services Group Inc. lifted its position in Symbotic by 7.1% in the 2nd quarter. PNC Financial Services Group Inc. now owns 6,354 shares of the company's stock valued at $247,000 after purchasing an additional 422 shares during the last quarter. Main Management ETF Advisors LLC boosted its stake in Symbotic by 1.7% during the 2nd quarter. Main Management ETF Advisors LLC now owns 29,320 shares of the company's stock valued at $1,139,000 after purchasing an additional 480 shares during the period. Finally, NewEdge Advisors LLC grew its position in Symbotic by 81.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock worth $50,000 after purchasing an additional 573 shares during the last quarter.

Analyst Upgrades and Downgrades

SYM has been the subject of several research analyst reports. Northcoast Research set a $65.00 target price on Symbotic and gave the company a "buy" rating in a research note on Thursday, October 2nd. Needham & Company LLC boosted their target price on shares of Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Weiss Ratings restated a "hold (c-)" rating on shares of Symbotic in a research note on Wednesday, October 8th. DA Davidson reiterated a "neutral" rating and issued a $47.00 price target (up from $35.00) on shares of Symbotic in a research note on Monday, August 25th. Finally, Arete cut Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective on the stock. in a research note on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $44.61.

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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