Symbotic (NASDAQ:SYM) Stock Price Down 2.5% Following Insider Selling

Key Points

• Symbotic's stock price fell by 2.5% after director Todd Krasnow sold 4,000 shares, reflecting a significant insider transaction that may have impacted investor confidence.
• Several analysts have downgraded Symbotic's ratings, with Robert W. Baird reducing it from "outperform" to "neutral" and setting a target price of $55.00.
• The company's recent earnings report showed a loss per share of ($0.05), missing estimates, although revenue increased by 25.9% year-over-year, amounting to $592.12 million.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price was down 2.5% on Thursday after an insider sold shares in the company. The stock traded as low as $65.35 and last traded at $67.14. Approximately 1,681,809 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 1,977,234 shares. The stock had previously closed at $68.83.

Specifically, Director Todd Krasnow sold 4,000 shares of the stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $67.02, for a total transaction of $268,080.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

SYM has been the subject of a number of research reports. Robert W. Baird cut Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price for the company. in a report on Thursday, August 7th. Northland Securities increased their target price on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Arete cut Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price for the company. in a report on Friday, July 25th. Deutsche Bank Aktiengesellschaft cut Symbotic from a "buy" rating to a "hold" rating and set a $51.00 target price for the company. in a report on Friday, July 18th. Finally, Baird R W cut Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Seven analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $44.61.

Symbotic Trading Down 2.5%

The firm has a market capitalization of $39.65 billion, a price-to-earnings ratio of -959.01, a P/E/G ratio of 13.26 and a beta of 2.06. The company's 50 day moving average is $52.67 and its 200-day moving average is $38.61.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The company's revenue was up 25.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.02) earnings per share. Research analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Institutional Investors Weigh In On Symbotic

Hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its position in shares of Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock valued at $29,000 after buying an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC acquired a new stake in shares of Symbotic in the first quarter valued at approximately $31,000. AdvisorNet Financial Inc acquired a new stake in shares of Symbotic in the second quarter valued at approximately $32,000. IAG Wealth Partners LLC acquired a new stake in shares of Symbotic in the second quarter valued at approximately $32,000. Finally, Gables Capital Management Inc. bought a new position in Symbotic in the second quarter valued at approximately $39,000.

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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