IQ EQ FUND MANAGEMENT IRELAND Ltd Makes New $468,000 Investment in Symbotic Inc. (NASDAQ:SYM)

Key Points

• IQ EQ Fund Management Ireland Ltd acquired a new stake in Symbotic Inc., purchasing 23,158 shares valued at approximately $468,000 during the first quarter.
• Several hedge funds increased their positions in Symbotic in the fourth quarter, including Vanguard Group Inc. and JPMorgan Chase & Co., reflecting growing institutional interest in the company.
• Analysts have mixed ratings for Symbotic, with recent price targets ranging from $18.00 to $56.00, indicating uncertainty about the stock’s future performance.

IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in Symbotic Inc. (NASDAQ:SYM - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 23,158 shares of the company's stock, valued at approximately $468,000.

A number of other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC boosted its position in Symbotic by 1,812.2% during the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company's stock worth $29,000 after purchasing an additional 1,341 shares during the period. Ulland Investment Advisors LLC bought a new stake in Symbotic during the first quarter valued at approximately $31,000. CWM LLC raised its stake in shares of Symbotic by 408.2% during the first quarter. CWM LLC now owns 2,602 shares of the company's stock worth $53,000 after acquiring an additional 2,090 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Symbotic by 40.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company's stock worth $85,000 after buying an additional 1,018 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of Symbotic by 54.8% in the first quarter. PNC Financial Services Group Inc. now owns 5,932 shares of the company's stock worth $120,000 after buying an additional 2,100 shares during the period.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SYM. Deutsche Bank Aktiengesellschaft downgraded shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective on the stock. in a research report on Friday, July 18th. Arete Research lowered Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. The Goldman Sachs Group decreased their target price on Symbotic from $25.00 to $18.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Northland Securities upped their price target on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research report on Tuesday, July 8th. Finally, Oppenheimer reissued an "outperform" rating and issued a $54.00 target price (up from $35.00) on shares of Symbotic in a report on Wednesday, July 16th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, Symbotic has an average rating of "Hold" and an average price target of $39.87.

Insider Buying and Selling at Symbotic

In other news, insider Maria G. Freve sold 478 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $54.73, for a total transaction of $26,160.94. Following the sale, the insider owned 3,312 shares of the company's stock, valued at $181,265.76. This trade represents a 12.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Carol J. Hibbard sold 6,293 shares of the firm's stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $55.42, for a total transaction of $348,758.06. Following the sale, the chief financial officer directly owned 61,971 shares in the company, valued at $3,434,432.82. The trade was a 9.22% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,536 shares of company stock worth $3,590,569. 0.60% of the stock is currently owned by insiders.

Symbotic Trading Down 0.5%

Shares of SYM stock traded down $0.31 during mid-day trading on Wednesday, reaching $62.90. The stock had a trading volume of 2,931,596 shares, compared to its average volume of 2,565,258. The business's fifty day moving average is $41.42 and its 200-day moving average is $30.25. The firm has a market cap of $37.09 billion, a price-to-earnings ratio of -1,572.50, a PEG ratio of 65.84 and a beta of 2.06. Symbotic Inc. has a 1-year low of $16.32 and a 1-year 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 for the quarter, missing analysts' consensus estimates of $0.03 by ($0.08). Symbotic had a negative net margin of 0.23% and a negative return on equity of 1.26%. Symbotic's quarterly revenue was up 25.9% on a year-over-year basis. During the same period last year, the business earned ($0.02) earnings per share. On average, analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

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.