Todd Krasnow, a director at Symbotic Inc. (NASDAQ:SYM), executed a stock sale on November 4, 2024, according to a recent SEC filing. Krasnow sold 2,000 shares of Class A Common Stock at prices ranging from $27.96 to $28.46, totaling $56,307. This transaction was conducted under a pre-established trading plan, in compliance with Rule 10b5-1 of the Securities Exchange Act of 1934.
Following the sale, Krasnow no longer holds any shares of Class A Common Stock directly under Inlet View, Inc., where he is President and CEO. However, he retains indirect ownership of other securities through various entities, including trusts and holdings by his spouse.
In other recent news, Symbotic Inc. has been the subject of several analyst reviews and business developments. The company's recent business expansion into Mexico, marked by a new contract with Walmart (NYSE:WMT) de Mexico (Walmex), is projected to boost Symbotic's order backlog and influence financial results from fiscal year 2026. This expansion was favorably received by Baird, which reaffirmed an Outperform rating for the company.
Other analyst firms have also provided their assessments, with William Blair maintaining a Market Perform rating, Citi reaffirming a Buy rating, and Freedom Capital Markets initiating a Buy rating. TD (TSX:TD) Cowen also reiterated a Buy rating on Symbotic shares, based on the company's growth trajectory and the progress of its contract with Walmart.
Symbotic reported a 58% increase in Q3 2024 revenue, hitting $492 million, despite a shortfall in adjusted EBITDA due to prolonged construction schedules and rising costs. The company also acquired the assets of Veo Robotics, including the FreeMove® 3D depth-sensing computer vision system, to enhance safety and productivity. These are the recent developments in the company's operations.
InvestingPro Insights
As Todd Krasnow reduces his direct stake in Symbotic Inc. (NASDAQ:SYM), investors might be interested in the company's current financial position and market performance. According to InvestingPro data, Symbotic boasts a market capitalization of $18.52 billion, reflecting its significant presence in the automation and robotics sector.
Despite the recent insider sale, Symbotic has shown impressive growth, with revenue increasing by 62.86% over the last twelve months to $1.68 billion. This aligns with an InvestingPro Tip indicating that analysts anticipate sales growth in the current year, suggesting continued momentum for the company.
Another InvestingPro Tip highlights that Symbotic holds more cash than debt on its balance sheet, which could be seen as a positive sign of financial stability, especially important in the high-growth, capital-intensive robotics industry.
Investors should note that while the company is not currently profitable, with a negative P/E ratio of -162.01, another InvestingPro Tip suggests that analysts predict the company will be profitable this year. This potential turnaround could be a key factor for those considering the stock's future prospects.
For those seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Symbotic, providing a deeper understanding of the company's financial health and market position.
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