Symbotic Inc. $SYM Shares Sold by Armstrong Advisory Group Inc.

Key Points

• Armstrong Advisory Group Inc. reduced its holdings in Symbotic Inc. by 35.5%, owning 7,594 shares valued at $295,000 after selling 4,188 shares.
• Multiple institutional investors increased their positions in Symbotic, with GAMMA Investing LLC raising its stake by over 1,800% in the first quarter.
• Symbotic's stock experienced a 6.5% increase, and the company reported a revenue of $592.12 million for its latest quarter, reflecting a 25.9% year-over-year growth.

Armstrong Advisory Group Inc. lowered its holdings in Symbotic Inc. (NASDAQ:SYM - Free Report) by 35.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,594 shares of the company's stock after selling 4,188 shares during the period. Armstrong Advisory Group Inc.'s holdings in Symbotic were worth $295,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in SYM. GAMMA Investing LLC raised its stake in Symbotic by 1,812.2% in 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 in the last quarter. Ulland Investment Advisors LLC purchased a new stake in shares of Symbotic during the first quarter worth approximately $31,000. Farther Finance Advisors LLC boosted its holdings in shares of Symbotic by 24.0% in the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company's stock valued at $69,000 after acquiring an additional 342 shares in the last quarter. CWM LLC boosted its stake in shares of Symbotic by 408.2% in the first quarter. CWM LLC now owns 2,602 shares of the company's stock valued at $53,000 after buying an additional 2,090 shares in the last quarter. Finally, AlphaQuest LLC grew its position in Symbotic by 318.5% during the first quarter. AlphaQuest LLC now owns 2,800 shares of the company's stock worth $57,000 after buying an additional 2,131 shares during the period.

Insider Buying and Selling at Symbotic

In related news, Director Todd Krasnow sold 4,000 shares of the stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $45.64, for a total value of $182,560.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles Kane sold 25,000 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total value of $1,190,500.00. Following the sale, the director directly owned 79,507 shares in the company, valued at $3,786,123.34. The trade was a 23.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold 483,032 shares of company stock valued at $23,897,448 over the last quarter. 0.60% of the stock is owned by corporate insiders.

Symbotic Stock Up 6.5%

NASDAQ:SYM opened at $60.73 on Tuesday. The firm has a 50-day moving average price of $51.02 and a 200 day moving average price of $35.70. The firm has a market capitalization of $35.86 billion, a PE ratio of -867.45 and a beta of 2.05. Symbotic Inc. has a 12-month low of $16.32 and a 12-month high of $64.16.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $533.55 million. During the same period in the prior year, the business earned ($0.02) earnings per share. The company's revenue for the quarter was up 25.9% on a year-over-year basis. On average, research analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Analyst Upgrades and Downgrades

SYM has been the subject of several research reports. Deutsche Bank Aktiengesellschaft downgraded Symbotic from a "buy" rating to a "hold" rating and set a $51.00 price objective for the company. in a research report on Friday, July 18th. Citigroup reiterated a "buy" rating on shares of Symbotic in a report on Monday, July 14th. Baird R W cut shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Robert W. Baird downgraded Symbotic from an "outperform" rating to a "neutral" rating and set a $55.00 target price for the company. in a research report on Thursday, August 7th. Finally, DA Davidson reaffirmed a "neutral" rating and set a $47.00 price target (up previously from $35.00) on shares of Symbotic in a research note on Monday, August 25th. Six investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $43.44.

About Symbotic

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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