Marathon Capital Management Sells 66,655 Shares of Symbotic Inc. $SYM

Key Points

• Marathon Capital cut its stake in Symbotic by 62.8%, selling 66,655 shares and leaving it with 39,515 shares valued at about $2.13 million at the end of the quarter.
• Significant insider and institutional activity: CTO James Kuffner sold 77,321 shares (~$4.62M) and insiders sold about 195,947 shares (~$11.6M) in the quarter, even as firms like Vanguard, UBS, ARK and Allspring added to or initiated positions.
• Mixed fundamentals and analyst view: Symbotic reported revenue of ~$630M (up 29.4% YoY) but missed EPS expectations ($0.02 vs. $0.08), and the consensus rating is a "Hold" with an average price target of $60.57 while the stock trades below its 50- and 200-day averages.

Marathon Capital Management cut its stake in Symbotic Inc. (NASDAQ:SYM - Free Report) by 62.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,515 shares of the company's stock after selling 66,655 shares during the quarter. Marathon Capital Management's holdings in Symbotic were worth $2,130,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Symbotic by 2.1% during the third quarter. Vanguard Group Inc. now owns 4,695,021 shares of the company's stock valued at $253,062,000 after purchasing an additional 98,384 shares in the last quarter. UBS Group AG grew its stake in Symbotic by 22.3% in the third quarter. UBS Group AG now owns 1,105,770 shares of the company's stock valued at $59,601,000 after purchasing an additional 201,547 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in Symbotic in the third quarter worth about $34,296,000. ARK Investment Management LLC lifted its position in shares of Symbotic by 32.4% during the third quarter. ARK Investment Management LLC now owns 589,887 shares of the company's stock valued at $31,795,000 after buying an additional 144,389 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Symbotic by 0.9% during the second quarter. Geode Capital Management LLC now owns 551,216 shares of the company's stock valued at $21,419,000 after buying an additional 4,892 shares during the last quarter.

Analyst Upgrades and Downgrades

SYM has been the topic of a number of recent analyst reports. Wall Street Zen cut shares of Symbotic from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. TD Cowen reissued a "buy" rating on shares of Symbotic in a research report on Wednesday, December 3rd. Barclays raised their target price on shares of Symbotic from $41.00 to $42.00 and gave the company an "underweight" rating in a research note on Monday, January 12th. UBS Group set a $70.00 price target on shares of Symbotic in a report on Wednesday, February 18th. Finally, Zacks Research raised Symbotic from a "strong sell" rating to a "hold" rating in a research report on Wednesday, February 18th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $60.57.

Insider Buying and Selling

In other Symbotic news, CTO James Kuffner sold 77,321 shares of the firm's stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $59.76, for a total transaction of $4,620,702.96. Following the completion of the transaction, the chief technology officer directly owned 144,982 shares of the company's stock, valued at approximately $8,664,124.32. This trade represents a 34.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider William M. Boyd III sold 15,000 shares of Symbotic stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $69.00, for a total transaction of $1,035,000.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 195,947 shares of company stock worth $11,597,675 in the last quarter. 8.16% of the stock is currently owned by corporate insiders.

Symbotic Stock Performance

Symbotic stock opened at $49.43 on Friday. The business's 50-day simple moving average is $58.68 and its two-hundred day simple moving average is $60.67. The company has a market cap of $29.77 billion, a PE ratio of -494.25, a PEG ratio of 5.07 and a beta of 2.13. Symbotic Inc. has a fifty-two week low of $16.32 and a fifty-two week high of $87.88.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.06). Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The firm had revenue of $629.99 million during the quarter, compared to analysts' expectations of $622.58 million. During the same quarter in the previous year, the business earned ($0.03) earnings per share. The company's revenue for the quarter was up 29.4% compared to the same quarter last year. As a group, analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Symbotic Profile

Symbotic Inc NASDAQ: SYM is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.

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