Symbotic (NASDAQ:SYM) Stock Price Down 2.3% After Insider Selling

Key Points

• Symbotic Inc.'s stock price fell 2.3% following insider sales, with key executives reducing their positions by significant percentages.
• Research analysts offered mixed ratings, with Northland Securities raising their price target to $56.00, while Goldman Sachs decreased theirs to $18.00.
• Despite a revenue increase of 39.7% year-over-year, Symbotic reported a loss with an EPS of ($0.04), missing consensus estimates.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price dropped 2.3% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $61.16 and last traded at $61.75. Approximately 743,203 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 1,935,457 shares. The stock had previously closed at $63.21.

Specifically, CFO Carol J. Hibbard sold 6,293 shares of Symbotic stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $55.42, for a total transaction of $348,758.06. Following the completion of the sale, the chief financial officer owned 61,971 shares in the company, valued at $3,434,432.82. The trade was a 9.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider William M. Boyd III sold 11,735 shares of Symbotic stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $50.42, for a total transaction of $591,678.70. Following the sale, the insider owned 31,884 shares of the company's stock, valued at approximately $1,607,591.28. This represents a 26.90% decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Northland Securities lifted their price target 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. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. The Goldman Sachs Group cut their price objective on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Oppenheimer reissued an "outperform" rating and issued a $54.00 price objective (up previously from $35.00) on shares of Symbotic in a research report on Wednesday, July 16th. Finally, Citigroup reissued a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $39.87.

Symbotic Stock Performance

The stock has a market cap of $36.66 billion, a P/E ratio of -1,543.63, a price-to-earnings-growth ratio of 58.93 and a beta of 2.06. The company's 50 day moving average price is $41.42 and its 200-day moving average price is $30.25.

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

Institutional Investors Weigh In On Symbotic

A number of institutional investors and hedge funds have recently modified their holdings of the company. Black Swift Group LLC purchased a new stake in Symbotic in the second quarter valued at approximately $2,071,000. Moors & Cabot Inc. purchased a new stake in Symbotic in the second quarter valued at approximately $223,000. Hunter Associates Investment Management LLC purchased a new stake in Symbotic in the second quarter valued at approximately $361,000. Spire Wealth Management raised its stake in Symbotic by 42.7% in the second quarter. Spire Wealth Management now owns 19,404 shares of the company's stock valued at $754,000 after purchasing an additional 5,808 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in Symbotic by 57.7% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 36,527 shares of the company's stock valued at $1,419,000 after purchasing an additional 13,369 shares in the last quarter.

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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