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

Shares of Symbotic Inc. (NASDAQ:SYM) gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $30.92, but opened at $25.88. Symbotic shares last traded at $27.10, with a volume of 1,441,955 shares.

Specifically, CFO Carol J. Hibbard sold 4,055 shares of the stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $30.70, for a total transaction of $124,488.50. Following the sale, the chief financial officer now directly owns 44,386 shares of the company’s stock, valued at approximately $1,362,650.20. This represents a 8.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Michael David Dunn sold 1,971 shares of Symbotic stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $30.00, for a total value of $59,130.00. Following the completion of the sale, the insider now directly owns 22,301 shares of the company’s stock, valued at approximately $669,030. The trade was a 8.12 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

SYM has been the subject of a number of recent research reports. The Goldman Sachs Group cut their price target on Symbotic from $34.00 to $28.00 and set a “neutral” rating for the company in a research note on Wednesday, December 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research note on Thursday. TD Cowen lifted their target price on shares of Symbotic from $43.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Northland Securities increased their price target on Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Finally, DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price objective on the stock in a research report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $38.73.

Symbotic Stock Down 12.5 %

The stock has a market capitalization of $15.89 billion, a PE ratio of -444.02, a price-to-earnings-growth ratio of 7.29 and a beta of 1.79. The business’s fifty day moving average is $26.97 and its two-hundred day moving average is $26.79.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Symbotic had a positive return on equity of 6.49% and a negative net margin of 0.32%. Sell-side analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On Symbotic

Institutional investors and hedge funds have recently bought and sold shares of the company. Baillie Gifford & Co. grew its stake in Symbotic by 32.0% in the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after purchasing an additional 3,410,050 shares during the last quarter. Thematics Asset Management raised its holdings in shares of Symbotic by 30.1% during the third quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after purchasing an additional 242,661 shares during the last quarter. Exchange Traded Concepts LLC boosted its stake in shares of Symbotic by 76.8% in the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock worth $21,317,000 after buying an additional 379,726 shares during the last quarter. TCW Group Inc. grew its stake in shares of Symbotic by 51.7% during the 4th quarter. TCW Group Inc. now owns 582,955 shares of the company’s stock worth $13,822,000 after purchasing an additional 198,681 shares during the period. Finally, Geode Capital Management LLC boosted its position in Symbotic by 10.2% during the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company’s stock worth $12,290,000 after purchasing an additional 46,721 shares in the last quarter.

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.