Thematics Asset Management Sells 356,029 Shares of Symbotic Inc. $SYM

Key Points

• Thematics Asset Management sold 356,029 shares, cutting its holding by 58.2% to 255,465 shares worth $13.77 million at the end of the quarter.
• Symbotic missed quarterly EPS ($0.02 vs. $0.08 expected) while revenue grew 29.4% to $629.99 million, and analysts' consensus is an overall "Hold" rating with an average target of $60.57.
• Insiders sold 195,947 shares during the last quarter (including director sales), totaling about $11.6 million, and insiders now own 8.16% of the company.

Thematics Asset Management lessened its holdings in shares of Symbotic Inc. (NASDAQ:SYM - Free Report) by 58.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 255,465 shares of the company's stock after selling 356,029 shares during the period. Thematics Asset Management's holdings in Symbotic were worth $13,770,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MAI Capital Management boosted its stake in shares of Symbotic by 833.3% in the third quarter. MAI Capital Management now owns 560 shares of the company's stock valued at $30,000 after buying an additional 500 shares during the period. IAG Wealth Partners LLC bought a new position in Symbotic during the 2nd quarter worth $32,000. Ameriflex Group Inc. raised its holdings in Symbotic by 1,500.0% in the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company's stock valued at $38,000 after acquiring an additional 660 shares in the last quarter. NewEdge Advisors LLC raised its holdings in Symbotic by 81.5% in the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company's stock valued at $50,000 after acquiring an additional 573 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Symbotic by 20,000.0% during the 3rd quarter. Fifth Third Bancorp now owns 1,005 shares of the company's stock valued at $54,000 after acquiring an additional 1,000 shares during the period.

Symbotic Trading Down 2.3%

SYM stock opened at $49.43 on Friday. The firm has a 50-day moving average price of $58.68 and a 200-day moving average price of $60.67. Symbotic Inc. has a 12 month low of $16.32 and a 12 month high of $87.88. The stock has a market capitalization of $29.77 billion, a P/E ratio of -494.25, a price-to-earnings-growth ratio of 5.07 and a beta of 2.13.

Symbotic (NASDAQ:SYM - Get Free Report) last announced its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.06). The company had revenue of $629.99 million for the quarter, compared to the consensus estimate of $622.58 million. Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. The company's revenue for the quarter was up 29.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.03) earnings per share. As a group, equities analysts predict that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SYM. Weiss Ratings restated a "hold (c-)" rating on shares of Symbotic in a research report on Thursday, January 22nd. The Goldman Sachs Group reaffirmed a "sell" rating and set a $50.00 price objective on shares of Symbotic in a research report on Thursday, January 15th. Barclays increased their price objective on shares of Symbotic from $41.00 to $42.00 and gave the stock an "underweight" rating in a research note on Monday, January 12th. Oppenheimer reissued an "outperform" rating and issued a $83.00 target price on shares of Symbotic in a report on Tuesday, November 25th. Finally, Wall Street Zen cut shares of Symbotic from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. Six analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $60.57.

Insider Activity

In other news, Director Rollin L. Ford sold 60,000 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $57.51, for a total value of $3,450,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the firm's stock in a transaction on Monday, March 9th. The shares were sold at an average price of $47.70, for a total value of $95,400.00. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 195,947 shares of company stock valued at $11,597,675. 8.16% of the stock is currently owned by insiders.

About Symbotic

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.

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