Symbotic (NASDAQ:SYM) Hits New 12-Month Low After Insider Selling

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

Specifically, insider Michael David Dunn sold 2,040 shares of Symbotic stock in a transaction that occurred 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 sale, the insider now directly owns 23,822 shares in the company, valued at approximately $529,801.28. The trade was a 7.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

SYM has been the subject of several research analyst reports. BWS Financial reiterated a “sell” rating and issued a $10.00 price objective on shares of Symbotic in a research note on Wednesday. Northland Securities lifted their price target on shares of Symbotic from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. The Goldman Sachs Group dropped their price objective on shares of Symbotic from $28.00 to $25.00 and set a “neutral” rating on the stock in a report on Thursday, February 6th. Needham & Company LLC reduced their target price on Symbotic from $35.00 to $32.00 and set a “buy” rating for the company in a research note on Thursday, February 6th. Finally, DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Wednesday, January 8th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Symbotic has an average rating of “Hold” and a consensus price target of $38.20.

Symbotic Price Performance

The firm has a market capitalization of $10.30 billion, a PE ratio of -249.96, a PEG ratio of 6.48 and a beta of 1.86. The firm’s fifty day moving average is $24.28 and its two-hundred day moving average is $26.62.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. As a group, equities research analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Capital Market Strategies LLC boosted its holdings in shares of Symbotic by 42.5% in the 1st quarter. Capital Market Strategies LLC now owns 48,162 shares of the company’s stock worth $973,000 after buying an additional 14,357 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Symbotic by 26.4% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 73,801 shares of the company’s stock valued at $1,750,000 after acquiring an additional 15,394 shares during the last quarter. Twinbeech Capital LP bought a new position in shares of Symbotic during the 4th quarter valued at approximately $480,000. Two Sigma Investments LP increased its stake in shares of Symbotic by 26.2% during the 4th quarter. Two Sigma Investments LP now owns 321,622 shares of the company’s stock worth $7,626,000 after purchasing an additional 66,755 shares during the last quarter. Finally, Tanaka Capital Management Inc. raised its holdings in shares of Symbotic by 68.7% in the 4th quarter. Tanaka Capital Management Inc. now owns 72,688 shares of the company’s stock worth $1,723,000 after purchasing an additional 29,596 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.