ARK Investment Management LLC Acquires 203,226 Shares of Symbotic Inc. (NASDAQ:SYM)

Key Points

• ARK Investment Management LLC has increased its holdings in Symbotic Inc. by 106.9%, acquiring an additional 203,226 shares in the first quarter, bringing their total to 393,293 shares valued at approximately $7.95 million.
• Several large investors, including Vanguard Group and Mirae Asset Global Investments, have also made significant investments in Symbotic, indicating growing institutional interest.
• Wall Street analysts have mixed ratings for Symbotic, with a consensus rating of "Hold" and a price target averaging around $39.94, suggesting cautious outlook amid recent stock fluctuations.

ARK Investment Management LLC raised its holdings in Symbotic Inc. (NASDAQ:SYM - Free Report) by 106.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 393,293 shares of the company's stock after buying an additional 203,226 shares during the period. ARK Investment Management LLC owned about 0.07% of Symbotic worth $7,948,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Symbotic by 21.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock valued at $348,000 after buying an additional 3,024 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Symbotic by 41.3% in the fourth quarter. Vanguard Group Inc. now owns 4,970,292 shares of the company's stock valued at $117,846,000 after buying an additional 1,452,627 shares in the last quarter. Freemont Management S.A. bought a new position in shares of Symbotic in the first quarter valued at $1,479,000. Cetera Investment Advisers lifted its stake in shares of Symbotic by 5.7% in the fourth quarter. Cetera Investment Advisers now owns 24,621 shares of the company's stock valued at $584,000 after buying an additional 1,332 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Symbotic by 23.7% in the fourth quarter. Northern Trust Corp now owns 110,148 shares of the company's stock valued at $2,612,000 after buying an additional 21,077 shares in the last quarter.

Wall Street Analysts Forecast Growth

SYM has been the topic of a number of recent research reports. Citigroup reaffirmed a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Arete lowered shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target on the stock. in a research report on Friday. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday. The Goldman Sachs Group dropped their price target on shares of Symbotic from $25.00 to $18.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Finally, Oppenheimer reissued an "outperform" rating and set a $54.00 price target (up from $35.00) on shares of Symbotic in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $39.94.

Symbotic Stock Performance

NASDAQ SYM opened at $52.99 on Friday. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $55.44. The company has a 50-day simple moving average of $37.82 and a 200 day simple moving average of $28.90. The company has a market capitalization of $31.24 billion, a PE ratio of -1,324.75, a price-to-earnings-growth ratio of 55.65 and a beta of 2.03.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. The company had revenue of $549.65 million for the quarter, compared to analysts' expectations of $522.36 million. During the same quarter last year, the business posted ($0.07) EPS. The business's quarterly revenue was up 39.7% on a year-over-year basis. As a group, analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Symbotic

In other news, Director Daniela L. Rus sold 2,706 shares of Symbotic stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $49.00, for a total value of $132,594.00. Following the completion of the transaction, the director owned 23,729 shares in the company, valued at $1,162,721. This trade represents a 10.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Todd Krasnow sold 5,940 shares of Symbotic stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $26.38, for a total transaction of $156,697.20. The disclosure for this sale can be found here. Insiders have sold 75,871 shares of company stock worth $2,791,800 over the last three months. Company insiders own 0.60% of the company's stock.

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.

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