Hodges Capital Management Inc. Lowers Position in Symbotic Inc. $SYM

Key Points

• Hodges Capital Management Inc. significantly reduced its stake in Symbotic Inc. by 94.8%, selling 259,491 shares and holding only 14,350 shares valued at $290,000 by the end of the first quarter.
• A number of institutional investors have increased their positions in Symbotic, including ARK Investment Management LLC, which boosted its holdings by 106.9%, now owning 393,293 shares valued at approximately $7,948,000.
• Symbotic reported a revenue increase of 25.9% year-over-year for the most recent quarter, totaling $592.12 million, although it posted a loss with an EPS of ($0.05) that missed analysts' expectations.

Hodges Capital Management Inc. lowered its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 94.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,350 shares of the company's stock after selling 259,491 shares during the quarter. Hodges Capital Management Inc.'s holdings in Symbotic were worth $290,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SYM. Canada Pension Plan Investment Board purchased a new stake in shares of Symbotic during the 1st quarter valued at about $4,968,000. ARK Investment Management LLC increased its position in shares of Symbotic by 106.9% during the 1st quarter. ARK Investment Management LLC now owns 393,293 shares of the company's stock valued at $7,948,000 after purchasing an additional 203,226 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Symbotic by 16.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company's stock valued at $27,155,000 after purchasing an additional 187,538 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Symbotic by 931.7% during the 4th quarter. Janus Henderson Group PLC now owns 179,516 shares of the company's stock valued at $4,256,000 after purchasing an additional 162,116 shares during the last quarter. Finally, Raymond James Financial Inc. increased its position in shares of Symbotic by 12.1% during the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company's stock valued at $19,824,000 after purchasing an additional 105,616 shares during the last quarter.

Symbotic Price Performance

Shares of SYM stock traded down $1.16 during trading hours on Friday, reaching $47.75. 1,437,690 shares of the company's stock were exchanged, compared to its average volume of 1,497,632. Symbotic Inc. has a 1 year low of $16.32 and a 1 year high of $64.16. The stock's fifty day moving average price is $50.25 and its two-hundred day moving average price is $34.38.

Symbotic (NASDAQ:SYM - Get Free Report) last released its earnings results 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 return on equity of 2.02% and a negative net margin of 0.38%.The firm had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. During the same period last year, the firm earned ($0.02) EPS. The company's revenue for the quarter was up 25.9% compared to the same quarter last year. As a group, equities analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. 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. Baird R W downgraded Symbotic from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 7th. Wall Street Zen upgraded Symbotic from a "sell" rating to a "hold" rating in a research report on Saturday. Oppenheimer raised their price target on Symbotic from $54.00 to $59.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. Finally, Needham & Company LLC upped their price target on shares of Symbotic from $32.00 to $57.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Six analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Symbotic has an average rating of "Hold" and an average price target of $43.44.

Insider Buying and Selling at Symbotic

In related news, insider William M. Boyd III sold 25,000 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $49.00, for a total transaction of $1,225,000.00. Following the completion of the sale, the insider directly owned 34,544 shares in the company, valued at approximately $1,692,656. The trade was a 41.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles Kane sold 25,000 shares of the business's stock in a transaction that occurred 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 owned 79,507 shares of the company's stock, valued at $3,786,123.34. The trade was a 23.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 484,632 shares of company stock worth $23,901,751. 0.60% of the stock is currently owned by corporate insiders.

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.