Symbotic (NASDAQ:SYM) Major Shareholder David Ladensohn Sells 13,500 Shares

Key Points

• Major shareholder David Ladensohn sold 13,500 shares of Symbotic Inc., reducing his stake by 87.10%, leaving him with just 2,000 shares valued at approximately $148,880.
• The company reported a quarterly EPS loss of ($0.05), missing analysts' expectations, but revenue was up 25.9% year-over-year at $592.12 million.
• Symbotic's stock price fell by 5.1% on Friday to $68.52, following the sale by the major insider, with a market capitalization of approximately $40.46 billion.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) major shareholder David Ladensohn sold 13,500 shares of the business's stock in a transaction dated Thursday, October 16th. The shares were sold at an average price of $74.44, for a total value of $1,004,940.00. Following the transaction, the insider owned 2,000 shares in the company, valued at approximately $148,880. This represents a 87.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 10% of a company's stock are required to disclose their transactions with the SEC.

Symbotic Trading Down 5.1%

Shares of SYM stock traded down $3.67 during trading hours on Friday, reaching $68.52. The company's stock had a trading volume of 1,892,482 shares, compared to its average volume of 1,989,704. Symbotic Inc. has a one year low of $16.32 and a one year high of $79.58. The stock has a market capitalization of $40.46 billion, a P/E ratio of -978.72, a P/E/G ratio of 14.60 and a beta of 2.06. The firm's fifty day simple moving average is $54.54 and its 200 day simple moving average is $40.95.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). The business had revenue of $592.12 million during the quarter, compared to analysts' expectations 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 revenue was up 25.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.02) EPS. As a group, equities research analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Institutional Trading of Symbotic

A number of hedge funds have recently bought and sold shares of SYM. Private Trust Co. NA boosted its holdings in shares of 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 last quarter. Farther Finance Advisors LLC grew its holdings in Symbotic by 24.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock valued at $69,000 after buying an additional 342 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings 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 acquiring an additional 422 shares during the last quarter. Main Management ETF Advisors LLC lifted its position in shares of Symbotic by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 29,320 shares of the company's stock worth $1,139,000 after buying an additional 480 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of Symbotic by 81.5% during the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock valued at $50,000 after acquiring an additional 573 shares during the last quarter.

Analyst Ratings Changes

SYM has been the topic of a number of research reports. Baird R W lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Arete cut Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective on the stock. in a research report on Friday, July 25th. Wall Street Zen raised Symbotic from a "sell" rating to a "hold" rating in a research report on Saturday, October 11th. Citigroup restated a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Finally, Arete Research lowered Symbotic from a "strong-buy" rating to a "hold" rating in a research report 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 assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus 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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