William M. Boyd III Sells 25,000 Shares of Symbotic Inc. (NASDAQ:SYM) Stock

Key Points

• William M. Boyd III sold 25,000 shares of Symbotic Inc. at an average price of $59.00, resulting in a total value of $1,475,000 and a 43.95% decrease in his ownership stake.
• Symbotic reported a loss of $0.05 EPS for the last quarter, missing analysts' expectations, although revenue increased by 25.9% year-over-year to $592.12 million.
• Several hedge funds have increased their holdings in Symbotic, with Walmart Inc. acquiring a new position valued at approximately $355.65 million, indicating strong institutional interest.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) insider William M. Boyd III sold 25,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $59.00, for a total value of $1,475,000.00. Following the sale, the insider directly owned 31,884 shares in the company, valued at $1,881,156. This represents a 43.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Symbotic Price Performance

NASDAQ:SYM traded down $8.69 during trading hours on Thursday, reaching $54.21. 7,406,695 shares of the company traded hands, compared to its average volume of 2,627,632. The firm's 50-day moving average is $42.59 and its 200-day moving average is $30.64. Symbotic Inc. has a 1-year low of $16.32 and a 1-year high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). The firm had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative return on equity of 2.07% and a negative net margin of 0.38%. The firm's revenue for the quarter was up 25.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) earnings per share. On average, analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Institutional Trading of Symbotic

Several hedge funds have recently modified their holdings of SYM. Walmart Inc. acquired a new position in shares of Symbotic in the 4th quarter valued at approximately $355,650,000. Vanguard Group Inc. lifted its stake in shares of Symbotic by 41.3% in the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock valued at $117,846,000 after buying an additional 1,452,627 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Symbotic by 16.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock valued at $27,155,000 after purchasing an additional 187,538 shares during the last quarter. Raymond James Financial Inc. raised its holdings in shares of Symbotic by 12.1% in the first quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock valued at $19,824,000 after purchasing an additional 105,616 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in Symbotic by 25.9% during the fourth quarter. Invesco Ltd. now owns 727,890 shares of the company's stock worth $17,258,000 after buying an additional 149,918 shares during the last quarter.

Analyst Ratings Changes

A number of brokerages have issued reports on SYM. Oppenheimer lifted their price target on shares of Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a report on Thursday. Robert W. Baird lowered shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price objective on the stock. in a report on Thursday. Needham & Company LLC upped their price target on shares of Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a research report on Thursday. Arete Research cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. 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, ten have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $42.69.

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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