Symbotic (NASDAQ:SYM) Stock Price Down 1.3% After Insider Selling

Symbotic Inc. (NASDAQ:SYM - Get Free Report) shares traded down 1.3% on Monday following insider selling activity. The stock traded as low as $43.72 and last traded at $46.47. 1,118,312 shares traded hands during trading, a decline of 39% from the average session volume of 1,846,043 shares. The stock had previously closed at $47.06.

Specifically, insider William M. Boyd III sold 25,000 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $49.00, for a total transaction of $1,225,000.00. Following the completion of the sale, the insider directly owned 34,544 shares in the company, valued at $1,692,656. This represents a 41.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniela L. Rus sold 2,706 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $49.00, for a total transaction of $132,594.00. Following the completion of the sale, the director directly owned 23,729 shares of the company's stock, valued at approximately $1,162,721. This represents a 10.24% decrease in their position. The disclosure for this sale can be found here. In related news, Director Todd Krasnow sold 4,000 shares of the business's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $46.48, for a total value of $185,920.00. Following the sale, the director directly owned 189,036 shares of the company's stock, valued at approximately $8,786,393.28. The trade was a 2.07% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Analyst Ratings Changes

SYM has been the topic of a number of analyst reports. Arete Research upgraded shares of Symbotic to a "strong-buy" rating and set a $50.00 target price on the stock in a research report on Wednesday, June 25th. BWS Financial reissued a "sell" rating and issued a $10.00 price objective on shares of Symbotic in a research report on Wednesday, April 2nd. Citigroup reaffirmed a "buy" rating on shares of Symbotic in a research note on Monday. The Goldman Sachs Group decreased their target price on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Finally, Arete initiated coverage on shares of Symbotic in a report on Wednesday, June 25th. They set a "buy" rating and a $50.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $39.59.

Symbotic Stock Performance

The company's 50-day moving average price is $32.52 and its 200 day moving average price is $27.08. The stock has a market capitalization of $28.03 billion, a PE ratio of -1,188.50, a PEG ratio of 49.02 and a beta of 2.03.

Symbotic (NASDAQ:SYM - Get Free Report) last released 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 firm 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 revenue for the quarter was up 39.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.07) earnings per share. Analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its stake in shares of 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 buying an additional 342 shares during the period. Commonwealth Equity Services LLC boosted 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 valued at $1,154,000 after buying an additional 619 shares during the period. Swiss National Bank lifted its stake in shares of Symbotic by 0.9% in the 1st quarter. Swiss National Bank now owns 82,400 shares of the company's stock valued at $1,665,000 after acquiring an additional 700 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Symbotic by 4.6% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,208 shares of the company's stock valued at $348,000 after purchasing an additional 757 shares during the period. Finally, AdvisorNet Financial Inc purchased a new position in shares of Symbotic during the 2nd quarter worth approximately $32,000.

About Symbotic

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.