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

Symbotic Inc. (NASDAQ:SYM) shares gapped down before the market opened on Wednesday following insider selling activity. The stock had previously closed at $33.43, but opened at $32.68. Symbotic shares last traded at $33.43, with a volume of 339,742 shares changing hands.

Specifically, insider Michael David Dunn sold 13,114 shares of the company’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $32.19, for a total value of $422,139.66. Following the transaction, the insider now directly owns 18,746 shares in the company, valued at approximately $603,433.74. This represents a 41.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Analyst Ratings Changes

Several equities analysts have commented on SYM shares. BWS Financial reissued a “sell” rating and issued a $10.00 target price on shares of Symbotic in a report on Tuesday. Oppenheimer initiated coverage on Symbotic in a research note on Wednesday, January 15th. They set an “outperform” rating and a $35.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $35.00 target price on shares of Symbotic in a research report on Friday, January 17th. UBS Group lowered their price target on shares of Symbotic from $40.00 to $32.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Finally, Craig Hallum downgraded shares of Symbotic from a “buy” rating to a “hold” rating and set a $25.00 price target for the company. in a report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $38.73.

Symbotic Price Performance

The company has a market cap of $19.82 billion, a P/E ratio of -562.27, a PEG ratio of 6.88 and a beta of 1.76. The firm’s 50-day moving average is $27.85 and its two-hundred day moving average is $27.39.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. The firm had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter in the prior year, the firm posted ($0.08) earnings per share. The company’s quarterly revenue was up 47.2% on a year-over-year basis. As a group, sell-side analysts expect that Symbotic Inc. will post 0.14 EPS for the current year.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently modified their holdings of the stock. Castleview Partners LLC increased its holdings in Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after buying an additional 500 shares during the period. Quarry LP purchased a new stake in Symbotic during the 2nd quarter worth approximately $65,000. Arcadia Investment Management Corp MI purchased a new position in Symbotic in the 3rd quarter worth $49,000. RiverPark Advisors LLC lifted its holdings in Symbotic by 147.1% in the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after acquiring an additional 1,211 shares during the period. Finally, Quest Partners LLC boosted its holdings in Symbotic by 19,307.7% during the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after buying an additional 2,510 shares in the last quarter.

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.