Symbotic (NASDAQ:SYM) Shares Down 1.8% on Insider Selling

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price dropped 1.8% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $52.69 and last traded at $53.20. Approximately 868,002 shares were traded during trading, a decline of 58% from the average daily volume of 2,080,376 shares. The stock had previously closed at $54.18.

Specifically, Director Daniela L. Rus sold 1,000 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $48.33, for a total transaction of $48,330.00. Following the transaction, the director directly owned 22,729 shares of the company's stock, valued at approximately $1,098,492.57. This trade represents a 4.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider William M. Boyd III sold 2,660 shares of the company's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $48.86, for a total value of $129,967.60. Following the transaction, the insider directly owned 31,884 shares in the company, valued at approximately $1,557,852.24. The trade was a 7.70% decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

SYM has been the subject of several research analyst reports. Arete Research upgraded Symbotic to a "strong-buy" rating and set a $50.00 price target for the company in a report on Wednesday, June 25th. The Goldman Sachs Group dropped their price objective on Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Deutsche Bank Aktiengesellschaft downgraded Symbotic from a "buy" rating to a "hold" rating and set a $51.00 target price on the stock. in a research report on Friday. Northland Securities upped their price target on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Finally, Oppenheimer restated an "outperform" rating and set a $54.00 price target (up previously from $35.00) on shares of Symbotic in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $40.24.

Symbotic Price Performance

The firm has a market capitalization of $29.50 billion, a PE ratio of -1,247.48, a PEG ratio of 56.81 and a beta of 2.03. The firm's fifty day moving average is $35.33 and its two-hundred day moving average is $28.04.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The company had revenue of $549.65 million for the quarter, compared to the consensus estimate of $522.36 million. Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The firm's quarterly revenue was up 39.7% on a year-over-year basis. During the same period last year, the business earned ($0.07) EPS. As a group, equities research analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its stake in Symbotic by 24.0% in the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock valued at $69,000 after purchasing an additional 342 shares during the period. Commonwealth Equity Services LLC raised its stake in Symbotic by 1.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 48,672 shares of the company's stock worth $1,154,000 after acquiring an additional 619 shares during the period. Swiss National Bank raised its position in shares of Symbotic by 0.9% during the 1st quarter. Swiss National Bank now owns 82,400 shares of the company's stock worth $1,665,000 after buying an additional 700 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Symbotic by 4.6% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,208 shares of the company's stock worth $348,000 after acquiring an additional 757 shares in the last quarter. Finally, AdvisorNet Financial Inc purchased a new position in Symbotic during the second quarter valued at approximately $32,000.

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.