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

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price reached a new 52-week low during trading on Friday after an insider sold shares in the company. The stock traded as low as $16.52 and last traded at $16.63, with a volume of 675402 shares traded. The stock had previously closed at $18.24.

Specifically, insider Michael David Dunn sold 2,040 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $22.24, for a total value of $45,369.60. Following the completion of the transaction, the insider now owns 23,822 shares in the company, valued at approximately $529,801.28. This represents a 7.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SYM shares. The Goldman Sachs Group lowered their price target on shares of Symbotic from $28.00 to $25.00 and set a "neutral" rating on the stock in a research note on Thursday, February 6th. BWS Financial reiterated a "sell" rating and set a $10.00 price target on shares of Symbotic in a research report on Wednesday, April 2nd. Citigroup reissued a "buy" rating and set a $37.00 price target on shares of Symbotic in a research note on Monday, January 13th. Northland Securities raised their price objective on Symbotic from $35.00 to $41.00 and gave the company an "outperform" rating in a research note on Friday, January 17th. Finally, UBS Group decreased their target price on Symbotic from $32.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Symbotic presently has an average rating of "Hold" and an average price target of $38.20.

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Symbotic Stock Up 14.0 %

The firm has a market cap of $11.99 billion, a price-to-earnings ratio of -294.53, a PEG ratio of 6.48 and a beta of 1.86. The firm has a fifty day moving average price of $23.64 and a 200-day moving average price of $26.47.

Symbotic (NASDAQ:SYM - Get Free Report) last issued 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 negative net margin of 0.38% and a positive return on equity of 5.11%. Equities research analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Institutional Trading of Symbotic

A number of institutional investors have recently modified their holdings of the company. Alberta Investment Management Corp purchased a new position in shares of Symbotic in the 4th quarter valued at $586,000. Geode Capital Management LLC raised its position in Symbotic by 10.2% in the third quarter. Geode Capital Management LLC now owns 503,758 shares of the company's stock valued at $12,290,000 after purchasing an additional 46,721 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of Symbotic during the third quarter worth about $1,029,000. Capital Market Strategies LLC acquired a new stake in shares of Symbotic in the fourth quarter valued at about $802,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Symbotic by 10.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 219,074 shares of the company's stock valued at $5,343,000 after buying an additional 20,469 shares during the period.

Symbotic Company Profile

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.