DDD Partners LLC Has $4.47 Million Stake in Symbotic Inc. $SYM

Key Points

• DDD Partners LLC increased its stake in Symbotic Inc. by 139.4% during Q2, holding 115,079 shares valued at $4.47 million.
• Insider trading saw Director Charles Kane selling 25,000 shares worth approximately $1.19 million, reducing his ownership by nearly 24%.
• Despite reporting a loss of ($0.05) EPS, Symbotic's revenue surged by 25.9% year-over-year, reaching $592.12 million for the latest quarter.

DDD Partners LLC raised its position in Symbotic Inc. (NASDAQ:SYM - Free Report) by 139.4% during the second quarter, according to its most recent filing with the SEC. The firm owned 115,079 shares of the company's stock after purchasing an additional 67,006 shares during the period. DDD Partners LLC's holdings in Symbotic were worth $4,471,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Symbotic by 16.2% in 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 acquiring an additional 187,538 shares in the last quarter. Raymond James Financial Inc. increased its stake 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 valued at $19,824,000 after acquiring an additional 105,616 shares in the last quarter. TCW Group Inc. increased its stake in shares of Symbotic by 1.8% in the 1st quarter. TCW Group Inc. now owns 593,442 shares of the company's stock valued at $11,993,000 after acquiring an additional 10,487 shares in the last quarter. Amanah Holdings Trust bought a new stake in shares of Symbotic in the 2nd quarter valued at $19,824,000. Finally, S Squared Technology LLC increased its stake in shares of Symbotic by 6.7% in the 1st quarter. S Squared Technology LLC now owns 480,000 shares of the company's stock valued at $9,701,000 after acquiring an additional 30,000 shares in the last quarter.

Insider Activity

In other news, Director Charles Kane sold 25,000 shares of the company's stock in a transaction dated 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. This represents a 23.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $46.45, for a total value of $10,219,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 490,348 shares of company stock valued at $25,157,458. 0.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SYM shares. Northland Securities lifted their price objective on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. UBS Group reiterated a "sell" rating and issued a $35.00 price objective (up previously from $27.00) on shares of Symbotic in a research note on Tuesday, September 23rd. Weiss Ratings restated a "hold (c-)" rating on shares of Symbotic in a research note on Wednesday, October 8th. Oppenheimer boosted their price target on shares of Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Finally, Baird R W lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $44.61.

Symbotic Price Performance

Shares of NASDAQ SYM traded up $1.08 during trading on Friday, hitting $68.94. The stock had a trading volume of 186,274 shares, compared to its average volume of 1,968,874. The firm has a fifty day moving average of $55.81 and a two-hundred day moving average of $42.30. The company has a market capitalization of $40.71 billion, a PE ratio of -981.15, a PEG ratio of 10.85 and a beta of 2.06. Symbotic Inc. has a 12 month low of $16.32 and a 12 month high of $79.58.

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

About Symbotic

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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