Symbotic (NASDAQ:SYM) Major Shareholder Millennium Gst Non-Exempt Rbc Sells 220,000 Shares

Key Points

• Millennium Gst Non-Exempt Rbc, a major shareholder of Symbotic, sold 220,000 shares at an average price of $46.45, amounting to a total of $10.22 million.
• Despite a revenue increase of 25.9% year-over-year, Symbotic reported a loss of ($0.05) EPS for the last quarter, missing analysts' estimates of $0.03.
• Research analysts have mixed opinions on Symbotic's stock, with ratings ranging from "buy" to "hold", and a consensus price target of $43.44.

Symbotic Inc. (NASDAQ:SYM - Get Free Report) major shareholder Millennium Gst Non-Exempt Rbc sold 220,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $46.45, for a total transaction of $10,219,000.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Major shareholders that own 10% or more of a company's shares are required to disclose their transactions with the SEC.

Symbotic Price Performance

Symbotic stock traded up $2.25 during mid-day trading on Tuesday, reaching $47.99. 1,346,467 shares of the company traded hands, compared to its average volume of 2,573,150. Symbotic Inc. has a fifty-two week low of $16.32 and a fifty-two week high of $64.16. The company has a market capitalization of $28.34 billion, a price-to-earnings ratio of -685.47 and a beta of 2.06. The firm's fifty day moving average is $47.81 and its two-hundred day moving average is $32.41.

Symbotic (NASDAQ:SYM - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. During the same quarter in the previous year, the company posted ($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 research analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SYM shares. Northland Securities upped their price target on shares of Symbotic from $35.00 to $56.00 and gave the company an "outperform" rating in a research note on Tuesday, July 8th. Oppenheimer upped their price target on shares of Symbotic from $54.00 to $59.00 and gave the company an "outperform" rating in a research note on Thursday, August 7th. Citigroup restated a "buy" rating on shares of Symbotic in a research note on Monday, July 14th. Arete Research lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 25th. Finally, Baird R W lowered shares of Symbotic from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 7th. Six analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $43.44.

Institutional Trading of Symbotic

A number of hedge funds have recently added to or reduced their stakes in SYM. Walmart Inc. purchased a new stake in Symbotic during the fourth quarter worth $355,650,000. JPMorgan Chase & Co. lifted its holdings in Symbotic by 100.6% during the fourth quarter. JPMorgan Chase & Co. now owns 17,349 shares of the company's stock valued at $411,000 after purchasing an additional 3,110,075 shares in the last quarter. Amanah Holdings Trust purchased a new position in Symbotic during the second quarter valued at $19,824,000. Canada Pension Plan Investment Board purchased a new position in Symbotic during the first quarter valued at $4,968,000. Finally, ARK Investment Management LLC lifted its holdings in Symbotic by 106.9% during the first 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 in the last quarter.

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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