Balyasny Asset Management L.P. Reduces Stock Position in Symbotic Inc. (NASDAQ:SYM)

Balyasny Asset Management L.P. lessened its position in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 90.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,048 shares of the company's stock after selling 332,140 shares during the period. Balyasny Asset Management L.P.'s holdings in Symbotic were worth $855,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. IFP Advisors Inc boosted its holdings in Symbotic by 58.2% during the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company's stock worth $32,000 after purchasing an additional 503 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Symbotic by 1.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 48,672 shares of the company's stock worth $1,154,000 after purchasing an additional 619 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Symbotic by 40.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company's stock worth $85,000 after purchasing an additional 1,018 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Symbotic by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 505,114 shares of the company's stock worth $11,981,000 after purchasing an additional 1,356 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in Symbotic by 154.1% during the fourth quarter. Jones Financial Companies Lllp now owns 2,457 shares of the company's stock worth $58,000 after purchasing an additional 1,490 shares during the last quarter.

Insider Buying and Selling at Symbotic

In other Symbotic news, CFO Carol J. Hibbard sold 4,628 shares of Symbotic stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $22.62, for a total value of $104,685.36. Following the completion of the transaction, the chief financial officer now directly owns 54,011 shares of the company's stock, valued at $1,221,728.82. The trade was a 7.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William M. Boyd III sold 2,455 shares of Symbotic stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $22.31, for a total value of $54,771.05. Following the completion of the transaction, the insider now owns 39,659 shares of the company's stock, valued at $884,792.29. The trade was a 5.83% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,187 shares of company stock worth $1,605,814. Corporate insiders own 0.60% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. UBS Group cut their price target on shares of Symbotic from $32.00 to $30.00 and set a "neutral" rating on the stock in a report on Tuesday, February 25th. Raymond James cut shares of Symbotic from an "outperform" rating to a "market perform" rating in a research note on Thursday, February 6th. BWS Financial reiterated a "sell" rating and issued a $10.00 target price on shares of Symbotic in a research note on Wednesday, April 2nd. Citigroup dropped their target price on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, The Goldman Sachs Group dropped their target price on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $37.20.

Symbotic Stock Down 0.4%

Shares of SYM traded down $0.11 during mid-day trading on Tuesday, hitting $28.19. 98,184 shares of the company traded hands, compared to its average volume of 1,912,269. Symbotic Inc. has a 1-year low of $16.32 and a 1-year high of $44.08. The company has a market capitalization of $16.59 billion, a PE ratio of -402.66, a price-to-earnings-growth ratio of 6.48 and a beta of 1.85. The business has a 50 day moving average of $21.94 and a 200 day moving average of $25.63.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.09). The business had revenue of $549.65 million during the quarter, compared to analyst estimates of $522.36 million. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. Symbotic's quarterly revenue was up 39.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.07) EPS. As a group, research analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Symbotic Profile

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.