Symbotic (NASDAQ:SYM) Stock Price Down 17.2% After Insider Selling

Symbotic Inc. (NASDAQ:SYM) was down 17.2% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $18.10 and last traded at $18.25. Approximately 2,376,477 shares changed hands during mid-day trading, an increase of 22% from the average daily volume of 1,950,853 shares. The stock had previously closed at $22.03.

Specifically, insider Michael David Dunn sold 2,040 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $22.24, for a total transaction of $45,369.60. Following the completion of the transaction, the insider now owns 23,822 shares in the company, valued at $529,801.28. The trade was a 7.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Analysts Set New Price Targets

Several equities analysts recently commented on SYM shares. Needham & Company LLC dropped their target price on Symbotic from $35.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. The Goldman Sachs Group lowered their price target on Symbotic from $28.00 to $25.00 and set a “neutral” rating for the company in a report on Thursday, February 6th. Raymond James downgraded shares of Symbotic from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 6th. William Blair reiterated a “market perform” rating on shares of Symbotic in a research note on Thursday, December 5th. Finally, Northland Securities boosted their price target on shares of Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, Symbotic currently has an average rating of “Hold” and an average price target of $38.20.

Symbotic Stock Down 17.2 %

The firm’s fifty day moving average is $24.86 and its 200-day moving average is $26.70. The stock has a market capitalization of $10.73 billion, a PE ratio of -260.53, a PEG ratio of 6.48 and a beta of 1.85.

Symbotic (NASDAQ:SYM) last issued its 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 negative net margin of 0.38% and a positive return on equity of 5.11%. On average, analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Institutional Investors Weigh In On Symbotic

A number of large investors have recently added to or reduced their stakes in SYM. IFP Advisors Inc grew its position in shares of Symbotic by 58.2% in the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock valued at $32,000 after purchasing an additional 503 shares during the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new stake in Symbotic in the 4th quarter valued at approximately $47,000. Private Trust Co. NA acquired a new stake in Symbotic during the 4th quarter valued at $47,000. Jones Financial Companies Lllp raised its holdings in shares of Symbotic by 154.1% in the fourth quarter. Jones Financial Companies Lllp now owns 2,457 shares of the company’s stock worth $58,000 after acquiring an additional 1,490 shares during the last quarter. Finally, Quarry LP lifted its position in shares of Symbotic by 89.9% in the third quarter. Quarry LP now owns 3,508 shares of the company’s stock valued at $86,000 after acquiring an additional 1,661 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.