Symbotic Inc. $SYM Stock Position Decreased by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC reduced its stake in Symbotic Inc. by 25.8%, holding 504,937 shares worth approximately $19.6 million after selling 175,797 shares in Q2.
• Several large investors initiated or increased their positions in Symbotic during the second quarter, with Amanah Holdings Trust purchasing a new position valued at $19.8 million.
• Analysts have mixed sentiments about Symbotic, with ratings ranging from "strong sell" to "outperform" and a consensus price target set at $43.44.

Exchange Traded Concepts LLC trimmed its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 25.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 504,937 shares of the company's stock after selling 175,797 shares during the period. Exchange Traded Concepts LLC owned approximately 0.09% of Symbotic worth $19,617,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. GAMMA Investing LLC boosted its stake in Symbotic by 1,812.2% during 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 in the last quarter. Ulland Investment Advisors LLC bought a new position in Symbotic during the first quarter valued at about $31,000. CWM LLC boosted its stake in Symbotic by 408.2% during the first quarter. CWM LLC now owns 2,602 shares of the company's stock valued at $53,000 after buying an additional 2,090 shares in the last quarter. AlphaQuest LLC boosted its stake in Symbotic by 318.5% during the first quarter. AlphaQuest LLC now owns 2,800 shares of the company's stock valued at $57,000 after buying an additional 2,131 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Symbotic by 54.8% during the first quarter. PNC Financial Services Group Inc. now owns 5,932 shares of the company's stock valued at $120,000 after buying an additional 2,100 shares in the last quarter.

Insider Transactions at Symbotic

In related news, insider Maria G. Freve sold 2,000 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $51.93, for a total value of $103,860.00. Following the completion of the sale, the insider directly owned 1,312 shares of the company's stock, valued at approximately $68,132.16. This represents a 60.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was 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. In the last 90 days, insiders sold 483,632 shares of company stock worth $23,919,648. 0.60% of the stock is currently owned by company insiders.

Symbotic Price Performance

Symbotic stock traded up $2.08 during mid-day trading on Thursday, hitting $51.26. The company's stock had a trading volume of 1,778,498 shares, compared to its average volume of 1,413,032. The firm's 50 day moving average is $50.56 and its 200 day moving average is $35.01. The company has a market cap of $30.27 billion, a PE ratio of -732.18 and a beta of 2.05. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $64.16.

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

Analyst Ratings Changes

SYM has been the subject of several research reports. Deutsche Bank Aktiengesellschaft cut Symbotic from a "buy" rating to a "hold" rating and set a $51.00 target price for the company. in a research note on Friday, July 18th. Baird R W cut Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Northland Securities increased their price target on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Zacks Research lowered Symbotic from a "hold" rating to a "strong sell" rating in a research report on Friday, August 15th. Finally, Needham & Company LLC raised their target price on shares of Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $43.44.

Symbotic 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.