Symbotic (NASDAQ:SYM) Shares Down 4.8% Following Insider Selling

Symbotic Inc. (NASDAQ:SYM)’s share price was down 4.8% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $27.61 and last traded at $27.71. Approximately 386,867 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 2,551,775 shares. The stock had previously closed at $29.11.

Specifically, Director Todd Krasnow sold 10,447 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $27.05, for a total value of $282,591.35. Following the sale, the director now owns 194,036 shares in the company, valued at approximately $5,248,673.80. The trade was a 5.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

SYM has been the topic of several analyst reports. William Blair reissued a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. Northland Securities increased their price objective on shares of Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. Oppenheimer started coverage on Symbotic in a research note on Wednesday, January 15th. They issued an “outperform” rating and a $35.00 target price on the stock. Finally, The Goldman Sachs Group cut their price target on shares of Symbotic from $28.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Symbotic has a consensus rating of “Hold” and an average target price of $38.33.

Symbotic Stock Down 4.8 %

The stock’s 50 day moving average price is $27.32 and its two-hundred day moving average price is $26.45. The stock has a market cap of $16.28 billion, a price-to-earnings ratio of -397.09, a price-to-earnings-growth ratio of 6.45 and a beta of 1.79.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. On average, analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SYM. IFP Advisors Inc boosted its position in Symbotic by 58.2% in the 4th quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock worth $32,000 after purchasing an additional 503 shares in the last quarter. Castleview Partners LLC lifted its stake in shares of Symbotic by 50.0% in the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after purchasing an additional 500 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new stake in Symbotic during the fourth quarter worth $47,000. Arcadia Investment Management Corp MI acquired a new stake in Symbotic during the third quarter valued at $49,000. Finally, Private Trust Co. NA purchased a new position in Symbotic in the fourth quarter valued at $47,000.

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.