PFG Investments LLC Buys Shares of 6,565 Symbotic Inc. $SYM

Key Points

• PFG Investments LLC purchased 6,565 shares of Symbotic Inc. during Q2, totaling approximately $255,000.
• Insiders have sold a total of 479,032 shares worth about $23.7 million over the last 90 days, indicating significant insider activity.
• Symbotic's stock price is currently down 0.8%, with a recent opening price of $63.10 and a P/E ratio of -901.30.

PFG Investments LLC bought a new stake in Symbotic Inc. (NASDAQ:SYM - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 6,565 shares of the company's stock, valued at approximately $255,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Amanah Holdings Trust acquired a new position in Symbotic in the 2nd quarter valued at about $19,824,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Symbotic by 21.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company's stock worth $348,000 after acquiring an additional 3,024 shares during the last quarter. Amundi lifted its holdings in shares of Symbotic by 53.0% in the 1st quarter. Amundi now owns 72,192 shares of the company's stock worth $1,459,000 after acquiring an additional 24,993 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Symbotic by 35.7% in the 1st quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company's stock worth $1,224,000 after acquiring an additional 15,947 shares during the last quarter. Finally, Freemont Management S.A. acquired a new position in shares of Symbotic in the 1st quarter worth approximately $1,479,000.

Insiders Place Their Bets

In other news, major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $46.45, for a total value of $10,219,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Todd Krasnow sold 30,000 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $51.54, for a total transaction of $1,546,200.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 479,032 shares of company stock worth $23,711,528. 0.60% of the stock is currently owned by company insiders.

Symbotic Stock Down 0.8%

Shares of SYM opened at $63.10 on Monday. Symbotic Inc. has a fifty-two week low of $16.32 and a fifty-two week high of $65.17. The firm's 50 day moving average price is $51.69 and its 200 day moving average price is $37.87. The company has a market cap of $37.26 billion, a P/E ratio of -901.30, a PEG ratio of 12.23 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) EPS 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 firm had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. During the same period in the prior year, the company posted ($0.02) earnings per share. The company's revenue for the quarter was up 25.9% on a year-over-year basis. Research analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SYM shares. Deutsche Bank Aktiengesellschaft lowered shares of Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective on the stock. in a report on Friday, July 18th. Zacks Research upgraded shares of Symbotic from a "strong sell" rating to a "hold" rating in a report on Wednesday, October 1st. Northland Securities upped their price objective on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. Baird R W lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 7th. Finally, Arete downgraded shares of Symbotic from a "buy" rating to a "neutral" rating and set a $50.00 target price on the stock. in a research note on Friday, July 25th. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $45.00.

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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