Symbotic (NASDAQ:SYM) SVP Sells 9,130 Shares of Stock

Key Points

• Symbotic SVP Brian Daniel Alexander sold 9,130 shares at an average price of $40.30, totaling $367,939. The sale reduced his ownership by 14.1% and was made to cover tax withholding tied to vested equity awards.
• Symbotic shares fell 0.9% to $41.12, near the company’s 52-week low of $38.19 and well below its 52-week high of $87.88. The company reported quarterly revenue of $676.48 million, up 23.1% year over year, but missed EPS estimates.
• Analyst sentiment is mixed, with seven Buy, three Hold, and five Sell ratings; the consensus rating is Hold with an average price target of $66.50. Recent downgrades included Zacks Research and Goldman Sachs, while DA Davidson maintained a Buy rating.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) SVP Brian Daniel Alexander sold 9,130 shares of Symbotic stock in a transaction that occurred on Friday, July 24th. The shares were sold at an average price of $40.30, for a total transaction of $367,939.00. Following the completion of the sale, the senior vice president owned 55,611 shares in the company, valued at $2,241,123.30. This trade represents a 14.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Symbotic Stock Down 0.9%

Shares of NASDAQ:SYM traded down $0.38 during midday trading on Tuesday, reaching $41.12. The company had a trading volume of 746,716 shares, compared to its average volume of 1,861,179. The business's 50 day moving average price is $44.09 and its 200 day moving average price is $52.17. The stock has a market cap of $24.78 billion, a PE ratio of -822.14, a P/E/G ratio of 5.92 and a beta of 1.93. Symbotic Inc. has a 1-year low of $38.19 and a 1-year high of $87.88.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.01 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.11). Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The company had revenue of $676.48 million during the quarter, compared to analyst estimates of $662.65 million. During the same period in the previous year, the company posted ($0.04) EPS. The company's quarterly revenue was up 23.1% compared to the same quarter last year. On average, research analysts expect that Symbotic Inc. will post 0.23 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Symbotic

A number of institutional investors and hedge funds have recently made changes to their positions in SYM. Parkside Financial Bank & Trust raised its holdings in shares of Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company's stock worth $32,000 after acquiring an additional 268 shares during the last quarter. Quarry LP bought a new position in shares of Symbotic in the fourth quarter valued at approximately $36,000. Parallel Advisors LLC boosted its position in shares of Symbotic by 67.3% during the fourth quarter. Parallel Advisors LLC now owns 619 shares of the company's stock valued at $37,000 after buying an additional 249 shares during the last quarter. Gordian Capital Singapore Pte Ltd bought a new stake in Symbotic during the fourth quarter worth $48,000. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Symbotic in the 4th quarter valued at $55,000.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SYM shares. Zacks Research downgraded shares of Symbotic from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 7th. The Goldman Sachs Group cut their price target on Symbotic from $54.00 to $45.00 and set a "sell" rating for the company in a report on Tuesday, May 26th. Weiss Ratings downgraded shares of Symbotic from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, May 11th. Finally, DA Davidson restated a "buy" rating and set a $70.00 target price on shares of Symbotic in a research note on Monday, May 11th. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $66.50.

Symbotic Company Profile

Symbotic Inc NASDAQ: SYM is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.