ARK Investment Management LLC Has $31.80 Million Stock Position in Symbotic Inc. $SYM

Key Points

• ARK Investment Management raised its stake in Symbotic by 32.4% in Q3 to 589,887 shares, a holding valued at about $31.8 million.
• Insiders have been net sellers, disposing of 7,186,533 shares worth roughly $383.6 million in the past three months, although corporate insiders still own 8.16% of the company.
• Symbotic missed EPS (reported $0.02 vs. $0.08 expected) despite 29.4% revenue growth to $629.99 million, and analysts’ consensus rating is "Hold" with a $60.57 target price.

ARK Investment Management LLC raised its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 32.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 589,887 shares of the company's stock after purchasing an additional 144,389 shares during the period. ARK Investment Management LLC owned 0.10% of Symbotic worth $31,795,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. MAI Capital Management raised its stake in shares of Symbotic by 833.3% during the third quarter. MAI Capital Management now owns 560 shares of the company's stock worth $30,000 after buying an additional 500 shares during the last quarter. IAG Wealth Partners LLC bought a new stake in shares of Symbotic during the 2nd quarter valued at $32,000. NewEdge Advisors LLC lifted its stake in shares of Symbotic by 81.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock valued at $50,000 after purchasing an additional 573 shares during the period. Fifth Third Bancorp boosted its position in shares of Symbotic by 20,000.0% in the 3rd quarter. Fifth Third Bancorp now owns 1,005 shares of the company's stock worth $54,000 after purchasing an additional 1,000 shares during the last quarter. Finally, KBC Group NV bought a new position in shares of Symbotic in the 2nd quarter worth $66,000.

Insider Transactions at Symbotic

In related news, insider William M. Boyd III sold 15,000 shares of the firm's stock in a transaction on Monday, January 5th. The shares were sold at an average price of $69.00, for a total value of $1,035,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Maria G. Freve sold 8,306 shares of Symbotic stock in a transaction on Wednesday, January 28th. The shares were sold at an average price of $55.11, for a total transaction of $457,743.66. Following the completion of the sale, the insider owned 539 shares in the company, valued at $29,704.29. The trade was a 93.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 7,186,533 shares of company stock worth $383,607,335. Corporate insiders own 8.16% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. DA Davidson increased their target price on Symbotic from $53.00 to $57.00 and gave the company a "neutral" rating in a research note on Monday, February 9th. TD Cowen reiterated a "buy" rating on shares of Symbotic in a research report on Wednesday, December 3rd. Citigroup reissued an "outperform" rating on shares of Symbotic in a research note on Thursday, February 5th. Barclays upped their target price on shares of Symbotic from $41.00 to $42.00 and gave the company an "underweight" rating in a research note on Monday, January 12th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Symbotic in a research report on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $60.57.

Symbotic Trading Up 2.6%

Shares of NASDAQ SYM opened at $54.04 on Thursday. The company has a fifty day moving average price of $60.03 and a 200 day moving average price of $60.57. The firm has a market cap of $32.54 billion, a PE ratio of -540.35, a PEG ratio of 5.28 and a beta of 2.13. Symbotic Inc. has a 1-year low of $16.32 and a 1-year high of $87.88.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 EPS for the quarter, missing analysts' consensus estimates of $0.08 by ($0.06). The firm had revenue of $629.99 million during the quarter, compared to the consensus estimate of $622.58 million. Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. The business's revenue for the quarter was up 29.4% on a year-over-year basis. During the same quarter last year, the firm earned ($0.03) earnings per share. Equities research analysts forecast that Symbotic Inc. will post 0.13 EPS for the current year.

About Symbotic

Symbotic Inc NASDAQ: SYM is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.

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