Invesco Ltd. Reduces Position in Symbotic Inc. $SYM

Key Points

• Invesco Ltd. has significantly reduced its stake in Symbotic Inc. by selling 499,511 shares, lowering its ownership by 68.6% to 228,379 shares.
• Insider selling activity is notable, with director Todd Krasnow and another insider collectively offloading over 55,000 shares valued at approximately $2.77 million.
• Wall Street analysts have generally downgraded Symbotic's ratings, with several shifting positions from "buy" to "hold," reflecting a more cautious outlook.

Invesco Ltd. decreased its stake in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 68.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 228,379 shares of the company's stock after selling 499,511 shares during the quarter. Invesco Ltd.'s holdings in Symbotic were worth $4,616,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Swiss National Bank raised its position in Symbotic by 0.9% in the first quarter. Swiss National Bank now owns 82,400 shares of the company's stock valued at $1,665,000 after purchasing an additional 700 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Symbotic by 4.6% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,208 shares of the company's stock valued at $348,000 after purchasing an additional 757 shares during the period. Spire Wealth Management raised its position in Symbotic by 8.0% in the first quarter. Spire Wealth Management now owns 13,596 shares of the company's stock valued at $275,000 after purchasing an additional 1,012 shares during the period. Tower Research Capital LLC TRC raised its position in Symbotic by 40.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company's stock valued at $85,000 after purchasing an additional 1,018 shares during the period. Finally, Bourne Lent Asset Management Inc. raised its position in Symbotic by 1.3% in the first quarter. Bourne Lent Asset Management Inc. now owns 88,360 shares of the company's stock valued at $1,786,000 after purchasing an additional 1,150 shares during the period.

Symbotic Stock Down 3.9%

Shares of SYM traded down $1.91 on Monday, reaching $47.43. The stock had a trading volume of 1,055,731 shares, compared to its average volume of 2,397,090. The firm has a market capitalization of $28.01 billion, a PE ratio of -677.47 and a beta of 2.05. The firm has a 50-day moving average of $48.88 and a 200 day moving average of $32.99. Symbotic Inc. has a twelve month low of $16.32 and a twelve month high of $64.16.

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

Insider Activity

In other Symbotic news, insider Maria G. Freve sold 2,000 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $51.93, for a total transaction of $103,860.00. Following the sale, the insider owned 1,312 shares in the company, valued at approximately $68,132.16. This represents a 60.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Todd Krasnow sold 30,000 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total value of $1,546,200.00. The disclosure for this sale can be found here. Insiders have sold 484,632 shares of company stock worth $23,837,791 in the last quarter. 0.60% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on SYM. Robert W. Baird downgraded Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price on the stock. in a research report on Thursday, August 7th. Arete Research downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Northland Securities lifted their target price on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Citigroup reiterated a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Finally, Arete downgraded Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price objective on the stock. in a report on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price 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.