Symbotic Inc. (NASDAQ:SYM) Insider William M. Boyd III Sells 8,826 Shares

Symbotic Inc. (NASDAQ:SYM) insider William M. Boyd III sold 8,826 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the sale, the insider now owns 23,012 shares of the company’s stock, valued at approximately $651,929.96. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Symbotic Price Performance

Shares of NASDAQ:SYM traded up $0.44 on Wednesday, hitting $29.96. The company’s stock had a trading volume of 1,640,939 shares, compared to its average volume of 1,592,803. The company has a market capitalization of $17.54 billion, a PE ratio of -155.37 and a beta of 1.84. The company has a 50-day simple moving average of $24.00 and a 200 day simple moving average of $31.99. Symbotic Inc. has a 1 year low of $17.11 and a 1 year high of $59.82.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. The company had revenue of $491.86 million for the quarter, compared to the consensus estimate of $464.56 million. During the same quarter in the previous year, the firm earned ($0.07) earnings per share. The company’s revenue for the quarter was up 57.7% compared to the same quarter last year. On average, equities research analysts expect that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Craig Hallum dropped their price target on Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. Citigroup cut their target price on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price target on shares of Symbotic in a research report on Friday, October 11th. Needham & Company LLC dropped their price target on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Finally, Northland Securities reduced their price objective on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company 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 issued a buy rating to the stock. According to MarketBeat, Symbotic currently has an average rating of “Moderate Buy” and an average target price of $43.23.

Institutional Trading of Symbotic

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after acquiring an additional 345,386 shares during the last quarter. Canada Pension Plan Investment Board boosted its position in Symbotic by 191.5% during the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after buying an additional 509,700 shares during the period. Blair William & Co. IL increased its holdings in shares of Symbotic by 418.1% in the first quarter. Blair William & Co. IL now owns 33,365 shares of the company’s stock worth $1,501,000 after buying an additional 26,925 shares during the period. Comerica Bank increased its holdings in shares of Symbotic by 1,347.0% in the first quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after buying an additional 15,491 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Symbotic by 6,694.5% in the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after acquiring an additional 330,709 shares during 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.