Onyx Bridge Wealth Group LLC Makes New $341,000 Investment in Symbotic Inc. $SYM

Key Points

• Onyx Bridge Wealth Group LLC invested approximately $341,000 in Symbotic Inc., acquiring 8,765 shares during the 2nd quarter.
• Symbotic's quarterly earnings report indicated a loss of ($0.05) per share, falling short of estimates, while revenue grew 25.9% year-over-year to $592.12 million.
• Despite mixed analyst ratings, with a consensus rating of "Hold", Symbotic's stock was recently adjusted to target prices ranging from $56 to $65 by various analysts.

Onyx Bridge Wealth Group LLC purchased a new position in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 8,765 shares of the company's stock, valued at approximately $341,000.

Other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased 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 buying an additional 1,341 shares during the period. AdvisorNet Financial Inc purchased a new position in shares of Symbotic in the 2nd quarter valued at approximately $32,000. Gables Capital Management Inc. purchased a new position in shares of Symbotic in the 2nd quarter valued at approximately $39,000. CWM LLC grew its stake in shares of Symbotic by 408.2% in the 1st quarter. CWM LLC now owns 2,602 shares of the company's stock valued at $53,000 after purchasing an additional 2,090 shares during the last quarter. Finally, AlphaQuest LLC grew its stake in shares of Symbotic by 318.5% in the 1st quarter. AlphaQuest LLC now owns 2,800 shares of the company's stock valued at $57,000 after purchasing an additional 2,131 shares during the last quarter.

Symbotic Price Performance

Symbotic stock opened at $64.44 on Thursday. Symbotic Inc. has a 1-year low of $16.32 and a 1-year high of $79.58. The company has a market cap of $38.05 billion, a PE ratio of -920.44, a price-to-earnings-growth ratio of 11.77 and a beta of 2.06. The stock's 50 day moving average price is $55.50 and its 200 day moving average price is $41.96.

Symbotic (NASDAQ:SYM - Get Free Report) last posted 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). Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The business had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. During the same quarter last year, the firm earned ($0.02) earnings per share. The firm's quarterly revenue was up 25.9% compared to the same quarter last year. On average, equities research analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Northland Securities lifted their target price on Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Oppenheimer lifted their target price on Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Northcoast Research set a $65.00 target price on Symbotic and gave the company a "buy" rating in a research note on Thursday, October 2nd. Arete Research downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, Needham & Company LLC lifted their target price on Symbotic from $32.00 to $57.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, Symbotic currently has a consensus rating of "Hold" and an average price target of $44.61.

Insider Transactions at Symbotic

In other Symbotic news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the business's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $46.45, for a total transaction of $10,219,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider William M. Boyd III sold 2,660 shares of the business's stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $75.08, for a total value of $199,712.80. Following the sale, the insider owned 26,769 shares in the company, valued at approximately $2,009,816.52. The trade was a 9.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 490,348 shares of company stock valued at $25,157,458. 0.60% of the stock is owned by company insiders.

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.

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