Insider Selling: Symbotic (NASDAQ:SYM) Major Shareholder Sells 220,000 Shares of Stock

Key Points

• Millennium Gst Non-Exempt Rbc, a major shareholder of Symbotic, sold 220,000 shares at an average price of $46.45, amounting to a total of $10.22 million.
• Despite a revenue increase of 25.9% year-over-year, Symbotic reported a loss of ($0.05) EPS for the last quarter, missing analysts' estimates of $0.03.
• Research analysts have mixed opinions on Symbotic's stock, with ratings ranging from "buy" to "hold", and a consensus price target of $43.44.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $46.45, for a total transaction of $10,219,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own 10% or more of a company's stock are required to disclose their sales and purchases with the SEC.

Symbotic Stock Performance

Shares of Symbotic stock traded down $1.91 on Friday, reaching $47.43. The stock had a trading volume of 1,055,731 shares, compared to its average volume of 2,466,618. The business's 50-day moving average price is $48.59 and its two-hundred day moving average price is $32.81. Symbotic Inc. has a fifty-two week low of $16.32 and a fifty-two week high of $64.16. The stock has a market cap of $28.01 billion, a P/E ratio of -677.47 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last issued 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 return on equity of 2.02% and a negative net margin of 0.38%.The firm had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. During the same quarter in the previous year, the firm posted ($0.02) earnings per share. Symbotic's quarterly revenue was up 25.9% compared to the same quarter last year. As a group, equities analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Symbotic

A number of hedge funds have recently made changes to their positions in the business. Total Investment Management Inc. bought a new stake in shares of Symbotic in the 2nd quarter worth about $132,000. Thrivent Financial for Lutherans bought a new stake in shares of Symbotic in the 2nd quarter worth about $245,000. FORA Capital LLC bought a new stake in shares of Symbotic in the 2nd quarter worth about $388,000. Headlands Technologies LLC grew its holdings in shares of Symbotic by 199.8% in the 2nd quarter. Headlands Technologies LLC now owns 6,508 shares of the company's stock worth $253,000 after purchasing an additional 4,337 shares during the last quarter. Finally, Captrust Financial Advisors bought a new stake in shares of Symbotic in the 2nd quarter worth about $411,000.

Wall Street Analyst Weigh In

Several research firms recently commented on SYM. Baird R W cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Citigroup reiterated a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Arete Research cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Northland Securities upped their target price on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, Arete cut shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price for the company. in a research note on Friday, July 25th. Six analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $43.44.

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.