Symbotic (NASDAQ:SYM) Sets New 1-Year Low on Insider Selling

Symbotic Inc. (NASDAQ:SYM) hit a new 52-week low during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $16.52 and last traded at $16.63, with a volume of 675402 shares changing hands. The stock had previously closed at $18.24.

Specifically, insider Michael David Dunn sold 2,040 shares of the company’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 value of $45,369.60. Following the completion of the sale, the insider now directly owns 23,822 shares of the company’s stock, valued at approximately $529,801.28. This represents a 7.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on SYM shares. UBS Group reduced their price objective on shares of Symbotic from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research note on Thursday, February 6th. The Goldman Sachs Group decreased their target price on shares of Symbotic from $28.00 to $25.00 and set a “neutral” rating for the company in a research note on Thursday, February 6th. Oppenheimer began coverage on Symbotic in a research note on Wednesday, January 15th. They issued an “outperform” rating and a $35.00 price target for the company. Finally, Citigroup reiterated a “buy” rating and issued a $37.00 price objective on shares of Symbotic in a report on Monday, January 13th. One investment 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. Based on data from MarketBeat, Symbotic presently has an average rating of “Hold” and an average target price of $38.20.

Symbotic Stock Down 4.1 %

The firm has a market capitalization of $10.30 billion, a P/E ratio of -249.96, a price-to-earnings-growth ratio of 6.48 and a beta of 1.85. The company’s 50 day moving average is $24.28 and its 200-day moving average is $26.61.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in Symbotic by 10.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 219,074 shares of the company’s stock worth $5,343,000 after purchasing an additional 20,469 shares in the last quarter. Verition Fund Management LLC grew its stake in Symbotic by 33.8% during the third quarter. Verition Fund Management LLC now owns 33,129 shares of the company’s stock valued at $808,000 after acquiring an additional 8,362 shares in the last quarter. Arete Wealth Advisors LLC bought a new stake in Symbotic during the 3rd quarter worth approximately $311,000. Holocene Advisors LP purchased a new stake in Symbotic in the 3rd quarter worth approximately $1,201,000. Finally, HighTower Advisors LLC boosted its holdings in Symbotic by 9.5% in the 3rd quarter. HighTower Advisors LLC now owns 23,338 shares of the company’s stock valued at $568,000 after purchasing an additional 2,033 shares during the period.

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.