Symbotic (NASDAQ:SYM) Trading Down 3.8% After Insider Selling

Key Points

• Symbotic's stock price fell 3.8% after significant insider selling, with Director Todd Krasnow and another Director, Rollin L. Ford, selling a total of 120,000 shares.
• Several analysts have altered their ratings on Symbotic, with Needham increasing its price target from $32 to $57, while others, like Baird R W, downgraded the stock from "strong-buy" to "hold".
• Symbotic reported a revenue increase of 25.9% year-over-year in its latest earnings report, though it missed the EPS consensus estimate.

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s stock price dropped 3.8% during mid-day trading on Monday following insider selling activity. The stock traded as low as $49.18 and last traded at $50.57. Approximately 697,107 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 1,980,139 shares. The stock had previously closed at $52.57.

Specifically, Director Todd Krasnow sold 30,000 shares of the stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total value of $1,546,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rollin L. Ford sold 90,000 shares of Symbotic stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total value of $4,641,300.00. Following the sale, the director owned 14,507 shares of the company's stock, valued at approximately $748,125.99. This represents a 86.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, major shareholder David A. Ladensohn sold 15,000 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $54.35, for a total transaction of $815,250.00. Following the transaction, the insider owned 10,000 shares of the company's stock, valued at approximately $543,500. This represents a 60.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SYM. Baird R W lowered Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Needham & Company LLC raised their price target on Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft cut Symbotic from a "buy" rating to a "hold" rating and set a $51.00 target price on the stock. in a report on Friday, July 18th. Northland Securities raised 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. Finally, Arete cut Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective on the stock. in a report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $42.69.

Symbotic Stock Down 3.8%

The company has a market capitalization of $29.86 billion, a P/E ratio of -722.63 and a beta of 2.06. The company has a 50-day moving average of $45.42 and a two-hundred day moving average of $31.56.

Symbotic (NASDAQ:SYM - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.08). Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%. The company had revenue of $592.12 million during the quarter, compared to the consensus estimate of $533.55 million. During the same period last year, the firm posted ($0.02) earnings per share. The company's revenue was up 25.9% compared to the same quarter last year. As a group, equities analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Institutional Trading of Symbotic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Walmart Inc. bought a new stake in shares of Symbotic during the 4th quarter worth approximately $355,650,000. JPMorgan Chase & Co. raised its position in shares of Symbotic by 100.6% in the 4th quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock worth $411,000 after acquiring an additional 3,110,075 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Symbotic in the 4th quarter worth $20,754,000. Amanah Holdings Trust bought a new position in shares of Symbotic in the 2nd quarter worth $19,824,000. Finally, Canada Pension Plan Investment Board purchased a new position in Symbotic during the 1st quarter worth $4,968,000.

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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