Symbotic (NASDAQ:SYM) Insider Sells $96,927.88 in Stock

Symbotic Inc. (NASDAQ:SYM) insider Maria Freve sold 1,666 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $58.18, for a total transaction of $96,927.88. Following the completion of the transaction, the insider directly owned 544 shares in the company, valued at $31,649.92. The trade was a 75.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Symbotic Trading Up 1.9%

Shares of Symbotic stock traded up $1.02 on Wednesday, hitting $53.96. 1,117,513 shares of the company traded hands, compared to its average volume of 1,989,266. Symbotic Inc. has a 12-month low of $16.32 and a 12-month high of $84.00. The company has a market cap of $31.86 billion, a P/E ratio of -770.75, a P/E/G ratio of 9.58 and a beta of 2.10. The firm’s 50-day simple moving average is $63.75 and its 200 day simple moving average is $48.91.

Institutional Investors Weigh In On Symbotic

Institutional investors have recently bought and sold shares of the stock. MAI Capital Management increased its stake in Symbotic by 833.3% in the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock worth $30,000 after purchasing an additional 500 shares during the period. AdvisorNet Financial Inc purchased a new stake in shares of Symbotic during the second quarter valued at approximately $32,000. IAG Wealth Partners LLC bought a new position in shares of Symbotic in the second quarter worth approximately $32,000. Ameriflex Group Inc. grew its holdings in shares of Symbotic by 1,500.0% in the third quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock worth $38,000 after purchasing an additional 660 shares during the last quarter. Finally, Gables Capital Management Inc. purchased a new position in shares of Symbotic in the second quarter worth $39,000.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SYM. Needham & Company LLC lifted their price target on Symbotic from $32.00 to $57.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Barclays assumed coverage on Symbotic in a research report on Tuesday, October 7th. They set an “underweight” rating and a $38.00 price objective on the stock. Arete Research downgraded Symbotic from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. UBS Group reaffirmed a “sell” rating and issued a $35.00 target price (up previously from $27.00) on shares of Symbotic in a research note on Tuesday, September 23rd. Finally, Northcoast Research set a $65.00 price target on shares of Symbotic and gave the company a “buy” rating in a research report on Thursday, October 2nd. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $44.41.

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.