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

Symbotic Inc. (NASDAQ:SYM - Get Free Report)'s share price 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 changing hands.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SYM. UBS Group dropped their price target on Symbotic from $40.00 to $32.00 and set a "neutral" rating on the stock in a research note on Friday, January 3rd. DA Davidson upgraded shares of Symbotic from a "neutral" rating to a "buy" rating and set a $35.00 target price on the stock in a research report on Wednesday, January 8th. Citigroup restated a "buy" rating and issued a $37.00 price target on shares of Symbotic in a report on Monday, January 13th. The Goldman Sachs Group cut their price objective on shares of Symbotic from $28.00 to $25.00 and set a "neutral" rating on the stock in a research report on Thursday. Finally, William Blair reaffirmed a "market perform" rating on shares of Symbotic in a research report on Thursday, December 5th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Symbotic presently has a consensus rating of "Hold" and a consensus price target of $38.33.

Symbotic Trading Up 6.9 %

The stock has a market capitalization of $16.56 billion, a PE ratio of -402.66, a P/E/G ratio of 6.45 and a beta of 1.79. The stock's fifty day simple moving average is $27.13 and its 200-day simple moving average is $26.57.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share 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%. As a group, analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Symbotic

Institutional investors have recently modified their holdings of the business. Geode Capital Management LLC boosted 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 worth $12,290,000 after purchasing an additional 46,721 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Symbotic during the 3rd quarter worth $1,029,000. Capital Market Strategies LLC purchased a new position in shares of Symbotic in the 4th quarter worth about $802,000. Baillie Gifford & Co. grew its position in Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company's stock valued at $343,192,000 after buying an additional 3,410,050 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in Symbotic by 10.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 219,074 shares of the company's stock worth $5,343,000 after buying an additional 20,469 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.