Symbotic (NASDAQ:SYM) Shares Gap Down Following Insider Selling

Symbotic Inc. (NASDAQ:SYM) shares gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $30.92, but opened at $25.88. Symbotic shares last traded at $27.10, with a volume of 1,441,955 shares trading hands.

Specifically, CFO Carol J. Hibbard sold 4,055 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $30.70, for a total transaction of $124,488.50. Following the sale, the chief financial officer now owns 44,386 shares of the company’s stock, valued at approximately $1,362,650.20. This represents a 8.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael David Dunn sold 1,971 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $30.00, for a total value of $59,130.00. Following the completion of the transaction, the insider now owns 22,301 shares in the company, valued at approximately $669,030. The trade was a 8.12 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SYM shares. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. Northland Securities raised their target price 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. Citigroup reaffirmed a “buy” rating and set a $37.00 price target on shares of Symbotic in a research report on Monday, January 13th. UBS Group dropped their price objective on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Finally, Raymond James cut shares of Symbotic from an “outperform” rating to a “market perform” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $38.73.

Symbotic Trading Down 12.5 %

The firm’s 50 day moving average price is $26.97 and its 200-day moving average price is $26.79. The company has a market cap of $15.89 billion, a P/E ratio of -444.02, a price-to-earnings-growth ratio of 7.29 and a beta of 1.79.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings data on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. Analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Baillie Gifford & Co. grew its position in Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares during the last quarter. Thematics Asset Management grew its stake in shares of Symbotic by 30.1% in the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock valued at $25,565,000 after buying an additional 242,661 shares during the period. Exchange Traded Concepts LLC raised its position in shares of Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after purchasing an additional 379,726 shares during the period. TCW Group Inc. grew its holdings in shares of Symbotic by 51.7% during the fourth quarter. TCW Group Inc. now owns 582,955 shares of the company’s stock valued at $13,822,000 after buying an additional 198,681 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Symbotic by 10.2% in the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after purchasing an additional 46,721 shares during the last quarter.

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.