Michael David Dunn Sells 5,266 Shares of Symbotic Inc. (NASDAQ:SYM) Stock

Symbotic Inc. (NASDAQ:SYM) insider Michael David Dunn sold 5,266 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total transaction of $125,383.46. Following the transaction, the insider now directly owns 85,224 shares of the company’s stock, valued at $2,029,183.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Michael David Dunn also recently made the following trade(s):

• On Wednesday, July 24th, Michael David Dunn sold 1,895 shares of Symbotic stock. The stock was sold at an average price of $36.56, for a total transaction of $69,281.20.
• On Monday, July 15th, Michael David Dunn sold 2,000 shares of Symbotic stock. The shares were sold at an average price of $40.00, for a total value of $80,000.00.

Symbotic Stock Performance

Shares of NASDAQ:SYM opened at $23.84 on Friday. The company has a 50 day moving average price of $22.63 and a two-hundred day moving average price of $34.24. The company has a market capitalization of $13.94 billion, a PE ratio of -99.33 and a beta of 1.84. Symbotic Inc. has a 52 week low of $17.11 and a 52 week high of $59.82.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The business had revenue of $491.86 million for the quarter, compared to analyst estimates of $464.56 million. During the same period in the previous year, the business posted ($0.07) EPS. The business’s quarterly revenue was up 57.7% compared to the same quarter last year. On average, sell-side analysts forecast that Symbotic Inc. will post -0.08 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently weighed in on SYM shares. Needham & Company LLC dropped their price objective on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. The Goldman Sachs Group reduced their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 31st. Northland Securities lowered their target price on Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, July 30th. Citigroup dropped their target price on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $43.23.

Hedge Funds Weigh In On Symbotic

Several institutional investors and hedge funds have recently modified their holdings of the business. RiverPark Advisors LLC bought a new position in Symbotic in the first quarter valued at approximately $37,000. RFP Financial Group LLC lifted its position in Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after acquiring an additional 310 shares in the last quarter. Quarry LP acquired a new position in Symbotic in the 2nd quarter worth $65,000. Natixis Investment Managers International bought a new position in Symbotic during the 1st quarter worth about $90,000. Finally, Van ECK Associates Corp raised its stake in shares of Symbotic by 109.5% in the 2nd quarter. Van ECK Associates Corp now owns 2,723 shares of the company’s stock valued at $96,000 after purchasing an additional 1,423 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.