WILMINGTON, MA – Todd Krasnow, a director at Symbotic Inc. (NASDAQ:SYM), has recently sold a portion of his company shares, according to the latest SEC filings. On June 3, 2024, Krasnow sold 2,000 shares of Symbotic's Class A Common Stock at prices ranging from $39.61 to $39.915, with the average price per share being $39.7857. The total transaction value amounted to approximately $79,571.
This sale was conducted under a trading plan that Krasnow had previously entered into on February 26, 2024, in compliance with Rule 10b5-1 of the Securities Exchange Act of 1934. Such plans allow company insiders to sell a predetermined number of shares at a predetermined time to avoid accusations of insider trading.
In conjunction with the sale, there was a redemption of Symbotic Holdings Units that resulted in the cancellation of an equal number of shares of Class V-1 Common Stock, which have no economic rights and are solely entitled to voting power.
Following these transactions, the SEC filing also disclosed that Krasnow indirectly owns 723,572 shares of Symbotic Inc. through Inlet View, Inc., where he serves as President and CEO. Additionally, Krasnow is associated with trusts that hold a further 50,000 shares of Class A Common Stock, over which he disclaims beneficial ownership except to the extent of his pecuniary interest.
The transactions come at a time when Symbotic Inc., a company specializing in general industrial machinery and equipment, continues to innovate in its field. Investors and the market at large often look to insider trading activity as a signal of a company's prospects, although it should not be the sole indicator for investment decisions.
For further details on these transactions, interested parties may request full information from the issuer, any security holder of the issuer, or the staff of the SEC.
In other recent news, Symbotic Inc. has been making waves with its strong second-quarter performance and positive projections for the third quarter. Both Baird and Deutsche Bank (ETR:DBKGn) have responded favorably to these developments, increasing their price targets for the company. Baird now targets $53.00, up from $52.00, while Deutsche Bank has raised its target to $58.00 from $57.00.
Symbotic's second-quarter revenues climbed to $424 million, a 59% increase compared to the same quarter in the previous year. The company projects third-quarter revenues between $450 million and $470 million, with adjusted EBITDA estimated at $27 million to $29 million. These financial results have been supported by product innovations and a strategic shift in the company's operational model.
Symbotic's Greenbox initiative is gaining traction, with a new customer set to start this quarter. This is expected to contribute to the company's diversification strategy. Furthermore, the company completed three system deployments during the quarter and initiated three new ones, indicating operational efficiency.
Deutsche Bank's analysis suggests confidence in Symbotic's trajectory, emphasizing the significance of the recent quarter's results. Baird also provided a positive outlook for the third fiscal quarter, with sales and EBITDA guidance at the midpoint exceeding market consensus. These recent developments demonstrate Symbotic's robust growth and strategic direction.
InvestingPro Insights
As investors analyze the recent insider trading activity at Symbotic Inc. (NASDAQ:SYM), it's valuable to consider the company's financial health and market performance. According to InvestingPro data, Symbotic Inc. holds a market capitalization of 22.55 billion USD, which reflects its standing in the general industrial machinery and equipment sector. Despite not being profitable over the last twelve months, the company has shown significant revenue growth of 67.55% during the same period. This growth trajectory is further underscored by a quarterly revenue growth of 59.0%.
InvestingPro Tips highlight that Symbotic Inc. is expected to see net income growth this year, with analysts also anticipating sales growth in the current year. Additionally, the company's stock price movements have been quite volatile, which is illustrated by a 6-month price total return of -26.31%. However, it's worth noting that over the last year, the company's stock has yielded a positive return of 15.94%.
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For the latest in-depth analysis and real-time data on Symbotic Inc., visit https://www.investing.com/pro/SYM.
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