Amanah Holdings Trust Buys Shares of 510,000 Symbotic Inc. $SYM

Key Points

• Amanah Holdings Trust acquired a new stake in Symbotic Inc. by purchasing 510,000 shares valued at approximately $19.8 million, making Symbotic the 10th largest position in their portfolio.
• Recently, several institutional investors significantly increased their holdings in Symbotic, with GAMMA Investing LLC notably raising its stake by 1,812.2%.
• Symbotic's stock has received mixed reviews from analysts, with some raising price targets while others adjusted ratings down, resulting in an average rating of "Hold" and a consensus target price of $43.44.

Amanah Holdings Trust bought a new stake in Symbotic Inc. (NASDAQ:SYM - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 510,000 shares of the company's stock, valued at approximately $19,824,000. Symbotic accounts for 4.9% of Amanah Holdings Trust's investment portfolio, making the stock its 10th biggest position. Amanah Holdings Trust owned 0.09% of Symbotic as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of Symbotic by 1,812.2% in the 1st quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock valued at $29,000 after buying an additional 1,341 shares during the period. Ulland Investment Advisors LLC purchased a new stake in shares of Symbotic in the 1st quarter valued at $31,000. CWM LLC raised its holdings in shares of Symbotic by 408.2% in the 1st quarter. CWM LLC now owns 2,602 shares of the company's stock valued at $53,000 after buying an additional 2,090 shares during the period. AlphaQuest LLC raised its holdings in shares of Symbotic by 318.5% in the 1st quarter. AlphaQuest LLC now owns 2,800 shares of the company's stock valued at $57,000 after buying an additional 2,131 shares during the period. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Symbotic by 54.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 5,932 shares of the company's stock valued at $120,000 after buying an additional 2,100 shares during the period.

Wall Street Analyst Weigh In

SYM has been the topic of several research analyst reports. Oppenheimer boosted their price objective on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a report on Thursday, August 7th. Baird R W cut Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Wall Street Zen raised Symbotic from a "sell" rating to a "hold" rating in a research note on Saturday. Arete cut Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price for the company. in a research note on Friday, July 25th. Finally, Northland Securities boosted their target price on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. Six investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Symbotic currently has an average rating of "Hold" and a consensus target price of $43.44.

Symbotic Stock Performance

NASDAQ:SYM opened at $47.75 on Monday. The stock has a 50-day simple moving average of $50.25 and a 200-day simple moving average of $34.38. The stock has a market cap of $28.20 billion, a P/E ratio of -682.05 and a beta of 2.05. Symbotic Inc. has a 1 year low of $16.32 and a 1 year high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.08). The business had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The company's revenue was up 25.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.02) earnings per share. On average, equities research analysts predict that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Buying and Selling at Symbotic

In related news, Director Todd Krasnow sold 30,000 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total value of $1,546,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William M. Boyd III sold 25,000 shares of the company's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $59.00, for a total value of $1,475,000.00. Following the completion of the sale, the insider directly owned 31,884 shares of the company's stock, valued at approximately $1,881,156. This trade represents a 43.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 481,177 shares of company stock worth $23,795,474. Corporate insiders own 0.60% of the company's stock.

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.

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