Symbotic Inc. $SYM Shares Acquired by Wealthfront Advisers LLC

Key Points

• Wealthfront Advisers LLC increased its stake in Symbotic by 168.1% in the first quarter, ending with 71,248 shares valued at about $3.79 million.
• Analysts are mixed on the stock: Symbotic has a consensus “Hold” rating with an average target price of $65.23, though some firms recently reiterated buy ratings while others downgraded it to sell or strong sell.
• Insider selling has continued, including recent sales by William M. Boyd III and CTO James Kuffner; over the last three months, insiders sold 147,798 shares worth about $8.22 million.

Wealthfront Advisers LLC raised its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 168.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 71,248 shares of the company's stock after purchasing an additional 44,676 shares during the period. Wealthfront Advisers LLC's holdings in Symbotic were worth $3,790,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in Symbotic by 47.6% during the 4th quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company's stock worth $412,463,000 after buying an additional 2,237,137 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Symbotic by 51,346.1% in the fourth quarter. JPMorgan Chase & Co. now owns 2,174,372 shares of the company's stock valued at $129,375,000 after buying an additional 2,178,615 shares during the last quarter. Morgan Stanley raised its stake in Symbotic by 85.4% in the fourth quarter. Morgan Stanley now owns 2,530,874 shares of the company's stock valued at $150,587,000 after buying an additional 1,165,513 shares during the last quarter. Ghisallo Capital Management LLC acquired a new stake in Symbotic in the fourth quarter worth about $63,034,000. Finally, Marshall Wace LLP acquired a new stake in Symbotic in the fourth quarter worth about $33,997,000.

Analyst Ratings Changes

Several research firms have recently issued reports on SYM. DA Davidson restated a "buy" rating and set a $70.00 price objective on shares of Symbotic in a report on Monday, May 11th. Weiss Ratings cut shares of Symbotic from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, May 11th. Zacks Research downgraded shares of Symbotic from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 7th. Finally, The Goldman Sachs Group dropped their target price on shares of Symbotic from $54.00 to $45.00 and set a "sell" rating on the stock in a research report on Tuesday, May 26th. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and five have given a Sell rating to the stock. Based on data from MarketBeat.com, Symbotic has a consensus rating of "Hold" and an average target price of $65.23.

Insider Transactions at Symbotic

In other Symbotic news, insider William M. Boyd III sold 5,115 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $45.15, for a total transaction of $230,942.25. Following the completion of the transaction, the insider directly owned 57,112 shares of the company's stock, valued at approximately $2,578,606.80. This trade represents a 8.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO James Kuffner sold 3,878 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $53.51, for a total transaction of $207,511.78. Following the transaction, the chief technology officer directly owned 185,126 shares of the company's stock, valued at $9,906,092.26. This represents a 2.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 147,798 shares of company stock worth $8,221,095. 8.16% of the stock is owned by company insiders.

Symbotic Stock Performance

Shares of SYM opened at $41.25 on Monday. The stock has a 50-day moving average of $45.07 and a two-hundred day moving average of $53.12. Symbotic Inc. has a one year low of $38.19 and a one year high of $87.88. The stock has a market cap of $24.86 billion, a P/E ratio of -824.84, a P/E/G ratio of 6.08 and a beta of 1.93.

Symbotic (NASDAQ:SYM - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.11). The firm had revenue of $676.48 million for the quarter, compared to analysts' expectations of $662.65 million. Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The firm's revenue for the quarter was up 23.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.04) EPS. Analysts predict that Symbotic Inc. will post 0.23 EPS for the current fiscal year.

Symbotic Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.