ARK Investment Management LLC Has $17.31 Million Holdings in Symbotic Inc. $SYM

Key Points

• ARK Investment Management LLC increased its stake in Symbotic Inc. by 13.3%, owning approximately $17.31 million worth of the company's shares as of the latest reporting period.
• Symbotic reported a revenue of $592.12 million for the last quarter, exceeding analysts' expectations by a notable margin, though the company missed EPS estimates.
• Recent insider activities included significant stock sales by directors, with one director reducing their ownership by 23.92% after selling 25,000 shares.

ARK Investment Management LLC boosted its stake in Symbotic Inc. (NASDAQ:SYM - Free Report) by 13.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 445,498 shares of the company's stock after purchasing an additional 52,205 shares during the quarter. ARK Investment Management LLC owned about 0.08% of Symbotic worth $17,308,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Onyx Bridge Wealth Group LLC bought a new position in Symbotic in the second quarter valued at about $341,000. Gables Capital Management Inc. bought a new stake in shares of Symbotic during the second quarter worth about $39,000. Phoenix Financial Ltd. acquired a new position in shares of Symbotic in the second quarter worth approximately $245,000. JTC Employer Solutions Trustee Ltd acquired a new position in shares of Symbotic in the second quarter worth approximately $105,000. Finally, Private Trust Co. NA lifted its stake in shares of Symbotic by 10.0% in the second quarter. Private Trust Co. NA now owns 2,200 shares of the company's stock worth $85,000 after acquiring an additional 200 shares during the period.

Symbotic Trading Down 0.8%

Shares of NASDAQ SYM opened at $69.89 on Wednesday. The stock has a market cap of $41.27 billion, a price-to-earnings ratio of -998.29, a P/E/G ratio of 11.87 and a beta of 2.06. Symbotic Inc. has a 1-year low of $16.32 and a 1-year high of $79.58. The stock's 50-day moving average is $55.29 and its 200 day moving average is $41.81.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). The company had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.Symbotic's revenue for the quarter was up 25.9% on a year-over-year basis. During the same period last year, the firm earned ($0.02) earnings per share. On average, analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Activity

In related news, Director Charles Kane sold 25,000 shares of Symbotic stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the sale, the director directly owned 79,507 shares in the company, valued at $3,786,123.34. The trade was a 23.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Rollin L. Ford sold 90,000 shares of Symbotic stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total value of $4,641,300.00. Following the sale, the director owned 14,507 shares in the company, valued at $748,125.99. This represents a 86.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 490,348 shares of company stock valued at $25,157,458. 0.60% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on SYM shares. Deutsche Bank Aktiengesellschaft lowered Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price target on the stock. in a research note on Friday, July 18th. Citigroup reaffirmed a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. Needham & Company LLC upped their price target on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Barclays began coverage on Symbotic in a research note on Tuesday, October 7th. They issued an "underweight" rating and a $38.00 price objective for the company. Finally, Arete Research downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Symbotic presently has an average rating of "Hold" and an average price target of $44.61.

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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