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

Symbotic Inc. (NASDAQ:SYM) shares gapped down prior to trading on Wednesday after an insider sold shares in the company. 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 traded.

Specifically, insider Michael David Dunn sold 13,114 shares of the firm’s stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $32.19, for a total transaction of $422,139.66. Following the completion of the sale, the insider now directly owns 18,746 shares of the company’s stock, valued at approximately $603,433.74. This trade represents a 41.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Upgrades and Downgrades

SYM has been the subject of a number of research analyst reports. KeyCorp reaffirmed a “sector weight” rating on shares of Symbotic in a research report on Wednesday, November 27th. UBS Group decreased their target price on Symbotic from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. The Goldman Sachs Group cut their price target on Symbotic from $34.00 to $28.00 and set a “neutral” rating on the stock in a report on Wednesday, December 4th. BWS Financial reiterated a “sell” rating and issued a $10.00 price target on shares of Symbotic in a report on Tuesday. Finally, DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $38.73.

Symbotic Stock Down 0.4 %

The company has a market cap of $19.56 billion, a PE ratio of -554.83, a P/E/G ratio of 6.88 and a beta of 1.76. The business has a 50-day simple moving average of $27.84 and a 200-day simple moving average of $27.38.

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

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in shares of Symbotic by 24.1% in the second quarter. Dimensional Fund Advisors LP now owns 43,367 shares of the company’s stock valued at $1,525,000 after purchasing an additional 8,415 shares during the last quarter. Ensign Peak Advisors Inc increased its holdings in shares of Symbotic by 3,622.4% in the second quarter. Ensign Peak Advisors Inc now owns 193,678 shares of the company’s stock valued at $6,810,000 after purchasing an additional 188,475 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Symbotic in the second quarter valued at approximately $4,207,000. Cubist Systematic Strategies LLC increased its holdings in shares of Symbotic by 327.8% in the second quarter. Cubist Systematic Strategies LLC now owns 148,380 shares of the company’s stock valued at $5,217,000 after purchasing an additional 113,696 shares during the last quarter. Finally, AQR Capital Management LLC acquired a new stake in shares of Symbotic in the second quarter valued at approximately $514,000.

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.