Bank of America Corp DE Decreases Stake in Symbotic Inc. $SYM

Key Points

• Bank of America reduced its Symbotic stake by 14.4% in the first quarter, selling 174,912 shares and retaining 1.04 million shares worth approximately $55.4 million.
• Analyst sentiment is mixed, with seven Buy, four Hold and four Sell ratings; the consensus rating is Hold with an average price target of $65.92.
• Symbotic reported quarterly revenue of $720.8 million, up 21.7% year over year and above estimates, but EPS of $0.09 missed expectations. Shares opened at $41.69, near the company’s 52-week low, while insiders sold $5.3 million of stock over the past 90 days.

Bank of America Corp DE cut its stake in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 14.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,040,617 shares of the company's stock after selling 174,912 shares during the quarter. Bank of America Corp DE owned about 0.17% of Symbotic worth $55,361,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SYM. Parkside Financial Bank & Trust raised its stake in Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company's stock worth $32,000 after acquiring an additional 268 shares during the last quarter. Quarry LP acquired a new stake in Symbotic during the 4th quarter worth about $36,000. Parallel Advisors LLC grew its stake in Symbotic by 67.3% during the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company's stock valued at $37,000 after purchasing an additional 249 shares during the last quarter. Gordian Capital Singapore Pte Ltd purchased a new stake in Symbotic during the 4th quarter valued at about $48,000. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new position in shares of Symbotic in the fourth quarter valued at about $55,000.

Analyst Ratings Changes

SYM has been the subject of several research analyst reports. Weiss Ratings restated a "sell (d+)" rating on shares of Symbotic in a research note on Friday. Robert W. Baird set a $51.00 target price on Symbotic in a research report on Thursday, August 6th. The Goldman Sachs Group cut their price target on shares of Symbotic from $54.00 to $45.00 and set a "sell" rating on the stock in a report on Tuesday, May 26th. Zacks Research raised shares of Symbotic from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 5th. Finally, DA Davidson restated a "buy" rating and set a $70.00 price objective on shares of Symbotic in a research note on Monday, May 11th. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $65.92.

Symbotic Stock Performance

NASDAQ SYM opened at $41.69 on Wednesday. The stock has a 50-day simple moving average of $42.39 and a two-hundred day simple moving average of $50.21. The firm has a market capitalization of $25.13 billion, a P/E ratio of 463.22, a PEG ratio of 5.92 and a beta of 1.94. Symbotic Inc. has a fifty-two week low of $38.19 and a fifty-two week high of $87.88.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.04). Symbotic had a net margin of 0.48% and a return on equity of 1.40%. The company had revenue of $720.84 million during the quarter, compared to analyst estimates of $715.03 million. During the same period last year, the firm earned ($0.05) EPS. The business's quarterly revenue was up 21.7% compared to the same quarter last year. As a group, analysts forecast that Symbotic Inc. will post 0.23 earnings per share for the current year.

Insider Activity at Symbotic

In other Symbotic news, CTO James Kuffner sold 18,987 shares of the business's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $40.38, for a total value of $766,695.06. Following the completion of the transaction, the chief technology officer directly owned 214,062 shares of the company's stock, valued at approximately $8,643,823.56. The trade was a 8.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Brian Daniel Alexander sold 9,130 shares of the company's stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $40.30, for a total value of $367,939.00. Following the completion of the sale, the senior vice president owned 55,611 shares in the company, valued at approximately $2,241,123.30. This represents a 14.10% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 118,011 shares of company stock valued at $5,293,942 in the last 90 days. 8.16% of the stock is currently owned by corporate insiders.

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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