Symbotic (NASDAQ:SYM) Stock Price Down 2% Following Insider Selling

Shares of Symbotic Inc. (NASDAQ:SYM) traded down 2% on Wednesday following insider selling activity. The company traded as low as $35.40 and last traded at $35.45. 174,752 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 1,375,169 shares. The stock had previously closed at $36.19.

Specifically, major shareholder Janet L. Cohen sold 25,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $43.26, for a total transaction of $1,081,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, major shareholder Janet L. Cohen sold 25,000 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $43.26, for a total transaction of $1,081,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael David Dunn sold 1,200 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $44.02, for a total transaction of $52,824.00. Following the transaction, the insider now directly owns 70,832 shares of the company’s stock, valued at approximately $3,118,024.64. The disclosure for this sale can be found here. Insiders sold a total of 149,958 shares of company stock valued at $5,965,792 over the last 90 days. 38.30% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SYM shares. Robert W. Baird lifted their price objective on shares of Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday, May 7th. Needham & Company LLC restated a “buy” rating and set a $54.00 price objective on shares of Symbotic in a research note on Tuesday, May 7th. William Blair restated a “market perform” rating on shares of Symbotic in a research note on Friday, May 10th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a research note on Tuesday, May 7th. Finally, Craig Hallum lifted their price objective on shares of Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Symbotic Stock Down 2.3 %

The firm’s fifty day simple moving average is $39.19 and its 200 day simple moving average is $42.79.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, May 6th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.25. Symbotic had a negative net margin of 1.27% and a positive return on equity of 5.27%. The company had revenue of $424.30 million during the quarter, compared to analysts’ expectations of $415.98 million. Sell-side analysts predict that Symbotic Inc. will post -0.07 EPS for the current year.

Institutional Trading of Symbotic

Hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp purchased a new stake in shares of Symbotic in the fourth quarter worth approximately $26,000. RiverPark Advisors LLC purchased a new stake in shares of Symbotic in the first quarter worth approximately $37,000. Pingora Partners LLC purchased a new stake in shares of Symbotic in the fourth quarter worth approximately $51,000. Global Retirement Partners LLC lifted its position in shares of Symbotic by 166.7% in the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after purchasing an additional 660 shares in the last quarter. Finally, Centerpoint Advisors LLC purchased a new stake in shares of Symbotic in the fourth quarter worth approximately $62,000.

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.