Exchange Traded Concepts LLC Has $13.76 Million Stock Position in Symbotic Inc. (NASDAQ:SYM)

Exchange Traded Concepts LLC increased its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 18.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 680,734 shares of the company's stock after acquiring an additional 104,068 shares during the quarter. Exchange Traded Concepts LLC owned about 0.12% of Symbotic worth $13,758,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SYM. GAMMA Investing LLC boosted its stake in shares of Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock valued at $29,000 after buying an additional 1,341 shares during the period. Ulland Investment Advisors LLC bought a new position in Symbotic during the 1st quarter worth $31,000. IFP Advisors Inc raised its holdings in Symbotic by 58.2% in the 4th quarter. IFP Advisors Inc now owns 1,368 shares of the company's stock valued at $32,000 after acquiring an additional 503 shares in the last quarter. Private Trust Co. NA bought a new stake in shares of Symbotic during the 4th quarter valued at $47,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in Symbotic during the fourth quarter worth about $47,000.

Analyst Ratings Changes

Several research analysts have commented on the stock. BWS Financial restated a "sell" rating and set a $10.00 price objective on shares of Symbotic in a research report on Wednesday, April 2nd. UBS Group decreased their target price on Symbotic from $32.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. The Goldman Sachs Group lowered their target price on Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Finally, Citigroup decreased their price target on shares of Symbotic from $37.00 to $29.00 and set a "buy" rating on the stock in a report on Monday, April 14th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $37.20.

Symbotic Stock Up 14.6%

Shares of SYM stock traded up $4.54 during trading hours on Wednesday, hitting $35.70. 7,527,811 shares of the company's stock traded hands, compared to its average volume of 1,730,063. The stock has a market cap of $21.05 billion, a PE ratio of -892.50, a price-to-earnings-growth ratio of 54.08 and a beta of 1.95. The stock's 50 day simple moving average is $25.50 and its 200 day simple moving average is $25.23. Symbotic Inc. has a 12 month low of $16.32 and a 12 month high of $41.76.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.09). The company had revenue of $549.65 million during the quarter, compared to analyst estimates of $522.36 million. Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. The business's revenue for the quarter was up 39.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.07) earnings per share. As a group, equities research analysts expect that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Insider Activity

In other news, Director Daniela L. Rus sold 1,000 shares of the company's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $30.00, for a total value of $30,000.00. Following the sale, the director now directly owns 27,435 shares of the company's stock, valued at approximately $823,050. This represents a 3.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Carol J. Hibbard sold 4,628 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $22.62, for a total transaction of $104,685.36. Following the sale, the chief financial officer now owns 54,011 shares of the company's stock, valued at approximately $1,221,728.82. This trade represents a 7.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,601 shares of company stock valued at $1,092,430. Company insiders own 0.60% of the company's stock.

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.