Headlands Technologies LLC Lowers Stock Holdings in Symbotic Inc. (NASDAQ:SYM)

Key Points

• Headlands Technologies LLC drastically reduced its stake in Symbotic Inc. by 95.9%, decreasing its holdings from 53,032 shares to just 2,171 shares, worth approximately $44,000.
• Despite missed earnings expectations with a reported loss of ($0.05) per share, Symbotic's revenue increased by 25.9% year-over-year, reaching $592.12 million.
• Recent analyst ratings show a shift, with Deutsche Bank downgrading the stock from "buy" to "hold," while Oppenheimer and Northland Securities have increased their price targets.

Headlands Technologies LLC reduced its position in Symbotic Inc. (NASDAQ:SYM - Free Report) by 95.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,171 shares of the company's stock after selling 50,861 shares during the quarter. Headlands Technologies LLC's holdings in Symbotic were worth $44,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have 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 valued at $29,000 after buying an additional 1,341 shares during the period. Ulland Investment Advisors LLC purchased a new stake in Symbotic during the 1st quarter valued at about $31,000. CWM LLC boosted its holdings in Symbotic by 408.2% during the 1st quarter. CWM LLC now owns 2,602 shares of the company's stock valued at $53,000 after acquiring an additional 2,090 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Symbotic by 40.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company's stock valued at $85,000 after acquiring an additional 1,018 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in Symbotic by 54.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,932 shares of the company's stock valued at $120,000 after acquiring an additional 2,100 shares during the period.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $29.65, for a total transaction of $118,600.00. Following the completion of the transaction, the director owned 189,036 shares of the company's stock, valued at approximately $5,604,917.40. This trade represents a 2.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder David A. Ladensohn sold 15,000 shares of Symbotic stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $54.35, for a total transaction of $815,250.00. Following the transaction, the insider directly owned 10,000 shares of the company's stock, valued at approximately $543,500. This trade represents a 60.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 123,241 shares of company stock worth $6,307,532 over the last quarter. Company insiders own 0.60% of the company's stock.

Analyst Ratings Changes

SYM has been the subject of a number of analyst reports. Baird R W lowered Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Arete Research cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Citigroup reissued a "buy" rating on shares of Symbotic in a research report on Monday, July 14th. Robert W. Baird cut shares of Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 price target for the company. in a research report on Thursday, August 7th. Finally, Northland Securities increased their target price on shares of Symbotic from $35.00 to $56.00 and gave the stock an "outperform" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat.com, Symbotic presently has an average rating of "Hold" and an average target price of $42.69.

Symbotic Price Performance

SYM traded up $1.95 on Wednesday, hitting $53.68. The company had a trading volume of 1,922,093 shares, compared to its average volume of 2,908,303. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $64.16. The stock has a fifty day simple moving average of $44.49 and a 200-day simple moving average of $31.20. The firm has a market capitalization of $31.65 billion, a P/E ratio of -766.75, a P/E/G ratio of 53.89 and a beta of 2.06.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.08). The company had revenue of $592.12 million during the quarter, compared to analysts' expectations of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%. The business's quarterly revenue was up 25.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.02) earnings per share. Equities research analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current fiscal 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.