Symbotic (NASDAQ:SYM) Shares Down 2.3% on Insider Selling

Key Points

• Shares of Symbotic Inc. fell 2.3% to $52.46 following the sale of 15,000 shares by major shareholder David A. Ladensohn, reducing his ownership by 60%.
• Analysts have mixed ratings on SYM, with Oppenheimer upgrading its price target from $54.00 to $59.00, while Deutsche Bank downgraded the stock from "buy" to "hold" with a target of $51.00.
• Symbotic's quarterly earnings report showed a miss with EPS at ($0.05), contrary to the expected $0.03, despite a 25.9% year-over-year revenue increase.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) dropped 2.3% on Thursday following insider selling activity. The stock traded as low as $52.10 and last traded at $52.46. Approximately 497,389 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 1,988,003 shares. The stock had previously closed at $53.68.

Specifically, major shareholder David A. Ladensohn sold 15,000 shares of Symbotic stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $54.35, for a total value of $815,250.00. Following the completion of the transaction, the insider directly owned 10,000 shares of the company's stock, valued at $543,500. The trade was a 60.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Analyst Ratings Changes

SYM has been the subject of a number of research analyst reports. Oppenheimer lifted their price target on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Citigroup reissued a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Deutsche Bank Aktiengesellschaft cut Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective for the company. in a report on Friday, July 18th. Northland Securities boosted their price objective on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, Arete cut Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective for the company. in a report on Friday, July 25th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $42.69.

Symbotic Stock Performance

The firm has a fifty day simple moving average of $44.49 and a 200-day simple moving average of $31.20. The firm has a market cap of $30.93 billion, a price-to-earnings ratio of -749.29, a P/E/G ratio of 53.89 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.08). The business had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The company's revenue for the quarter was up 25.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.02) EPS. Analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. LPL Financial LLC boosted its stake in Symbotic by 31.5% in the fourth quarter. LPL Financial LLC now owns 43,167 shares of the company's stock valued at $1,023,000 after buying an additional 10,341 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Symbotic by 100.6% during the fourth quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock valued at $411,000 after purchasing an additional 3,110,075 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Symbotic by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 505,114 shares of the company's stock valued at $11,981,000 after purchasing an additional 1,356 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Symbotic by 25.9% during the fourth quarter. Invesco Ltd. now owns 727,890 shares of the company's stock valued at $17,258,000 after purchasing an additional 149,918 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of Symbotic during the fourth quarter valued at about $20,754,000.

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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