Invesco Ltd. Sells 499,511 Shares of Symbotic Inc. $SYM

Invesco Ltd. lowered its stake in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 68.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 228,379 shares of the company's stock after selling 499,511 shares during the period. Invesco Ltd.'s holdings in Symbotic were worth $4,616,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SYM. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Symbotic by 21.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock valued at $348,000 after purchasing an additional 3,024 shares during the period. Bank of New York Mellon Corp grew its holdings in Symbotic by 35.7% during the 1st quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company's stock valued at $1,224,000 after buying an additional 15,947 shares in the last quarter. Freemont Management S.A. bought a new stake in shares of Symbotic during the first quarter valued at about $1,479,000. ARK Investment Management LLC increased its position in shares of 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. Finally, Cetera Investment Advisers lifted its holdings in shares of Symbotic by 5.7% in the fourth quarter. Cetera Investment Advisers now owns 24,621 shares of the company's stock worth $584,000 after buying an additional 1,332 shares in the last quarter.

Symbotic Stock Up 3.4%

Symbotic stock opened at $49.34 on Friday. The company has a market capitalization of $29.13 billion, a PE ratio of -704.76 and a beta of 2.06. Symbotic Inc. has a twelve month low of $16.32 and a twelve month high of $64.16. The firm has a fifty day simple moving average of $48.32 and a two-hundred day simple moving average of $32.66.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.08). The firm 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%. The company's quarterly revenue was up 25.9% on a year-over-year basis. During the same period in the previous year, the company earned ($0.02) EPS. As a group, equities analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on SYM. Needham & Company LLC boosted their price objective on shares of Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Arete lowered shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 price target for the company. in a research report on Friday, July 25th. Citigroup reaffirmed a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Northland Securities lifted their price objective on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Finally, Robert W. Baird lowered Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price on the stock. in a research note on Thursday, August 7th. Six research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Symbotic presently has a consensus rating of "Hold" and a consensus target price of $43.44.

Insider Buying and Selling

In other Symbotic news, Director Charles Kane sold 25,000 shares of the company's stock in a transaction that occurred on 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 transaction, the director owned 79,507 shares in the company, valued at approximately $3,786,123.34. This represents a 23.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the stock in a transaction that occurred on 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. Insiders sold 484,632 shares of company stock valued at $23,837,791 over the last quarter. 0.60% of the stock is currently owned by insiders.

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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