Capital Market Strategies LLC Reduces Stock Holdings in Symbotic Inc. $SYM

Key Points

• Capital Market Strategies LLC reduced its stake in Symbotic Inc. by 20.5%, holding 38,275 shares valued at approximately $1.49 million at the end of the last reporting period.
• Several institutional investors increased their stakes in Symbotic, with significant boosts from firms like MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. (up by 16.2%) and Advisors Asset Management Inc. (up by 36.7%) in the first quarter.
• Symbotic's stock currently has a consensus rating of "Hold" from analysts, with a target price averaging $43.44, despite a recent earnings miss and its stock value fluctuating between $16.32 and $64.16 over the past year.

Capital Market Strategies LLC trimmed its position in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 20.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 38,275 shares of the company's stock after selling 9,887 shares during the quarter. Symbotic makes up approximately 1.0% of Capital Market Strategies LLC's holdings, making the stock its 16th largest position. Capital Market Strategies LLC's holdings in Symbotic were worth $1,487,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Canada Pension Plan Investment Board bought a new stake in shares of Symbotic during the first quarter valued at approximately $4,968,000. ARK Investment Management LLC lifted its position in Symbotic by 106.9% during the first quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock valued at $7,948,000 after buying an additional 203,226 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Symbotic by 16.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock valued at $27,155,000 after buying an additional 187,538 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Symbotic by 931.7% during the 4th quarter. Janus Henderson Group PLC now owns 179,516 shares of the company's stock valued at $4,256,000 after buying an additional 162,116 shares in the last quarter. Finally, Raymond James Financial Inc. grew its position in shares of Symbotic by 12.1% in the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock worth $19,824,000 after buying an additional 105,616 shares during the period.

Analysts Set New Price Targets

Several equities research analysts recently commented on SYM shares. Wall Street Zen raised shares of Symbotic from a "sell" rating to a "hold" rating in a research note on Saturday. Citigroup reiterated a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Northland Securities upped their price target on Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 8th. DA Davidson reaffirmed a "neutral" rating and set a $47.00 price objective (up previously from $35.00) on shares of Symbotic in a research report on Monday, August 25th. Finally, Needham & Company LLC boosted their target price on Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Six analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $43.44.

Symbotic Price Performance

NASDAQ SYM traded down $1.16 during mid-day trading on Friday, reaching $47.75. The stock had a trading volume of 1,437,690 shares, compared to its average volume of 1,497,632. The stock has a market cap of $28.20 billion, a PE 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. The company has a fifty day moving average price of $50.25 and a 200 day moving average price of $34.38.

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

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the business's stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $45.64, for a total value of $182,560.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rollin L. Ford sold 90,000 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the sale, the director directly owned 14,507 shares in the company, valued at approximately $748,125.99. The trade was a 86.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 484,632 shares of company stock worth $23,901,751 in the last three months. 0.60% of the stock is currently owned by company insiders.

Symbotic Company 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.