Bond.az reports that Symbotic Inc (NASDAQ:SYM) shares dropped 8% Thursday following insider stock sales by company executives.
Director Todd Krasnow sold 19,655 shares of Class A Common Stock on Thursday at prices ranging from $53.33 to $54.10. The transaction followed Krasnow’s redemption of 19,655 Symbotic Holdings Units in exchange for an equal number of Class A shares. Additionally, Krasnow sold 6,978 shares at prices between $51.865 and $52.40.
Chief Technology Officer James Kuffner sold 3,878 shares on Monday at prices ranging from $53.45 to $53.54. The sale was part of a mandatory sell-to-cover transaction to satisfy tax withholding obligations related to the vesting of 9,749 restricted stock units.
The filings show Krasnow transferred 5,000 Symbotic Holdings Units and paired shares of Class V-1 common stock to the Todd and Deborah Krasnow Foundation on Thursday. Following the reported transactions, Krasnow holds 177,036 shares directly and maintains indirect holdings through various trusts and Inlet View, Inc.
Kuffner holds 185,126 shares of Class A Common Stock directly after the sale.
Symbotic develops warehouse automation technology and robotics systems for supply chain operations.
