Capital Market Strategies LLC Has $1.49 Million Position in Symbotic Inc. $SYM

Capital Market Strategies LLC cut its position in Symbotic Inc. (NASDAQ:SYM) by 20.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,275 shares of the company’s stock after selling 9,887 shares during the quarter. Symbotic accounts for about 1.0% of Capital Market Strategies LLC’s portfolio, making the stock its 16th largest holding. Capital Market Strategies LLC’s holdings in Symbotic were worth $1,487,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its position in Symbotic by 21.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 17,248 shares of the company’s stock worth $348,000 after purchasing an additional 3,024 shares in the last quarter. Bank of New York Mellon Corp increased its position in Symbotic by 35.7% during the 1st quarter. Bank of New York Mellon Corp now owns 60,554 shares of the company’s stock worth $1,224,000 after purchasing an additional 15,947 shares in the last quarter. Freemont Management S.A. acquired a new position in Symbotic during the 1st quarter worth approximately $1,479,000. ARK Investment Management LLC increased its position in Symbotic by 106.9% during the 1st quarter. ARK Investment Management LLC now owns 393,293 shares of the company’s stock worth $7,948,000 after purchasing an additional 203,226 shares in the last quarter. Finally, Cetera Investment Advisers increased its position in Symbotic by 5.7% during the 4th quarter. Cetera Investment Advisers now owns 24,621 shares of the company’s stock worth $584,000 after purchasing an additional 1,332 shares in the last quarter.

Symbotic Stock Performance

Shares of NASDAQ SYM opened at $47.75 on Friday. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $64.16. The firm has a 50 day moving average price of $50.25 and a two-hundred day moving average price of $34.23. The stock has a market cap of $28.20 billion, a P/E ratio of -682.05 and a beta of 2.05.

Symbotic (NASDAQ:SYM) 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 business had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. During the same quarter last year, the company posted ($0.02) earnings per share. The company’s revenue was up 25.9% compared to the same quarter last year. Analysts predict that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Charles Kane sold 25,000 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were 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 of the company’s stock, valued at approximately $3,786,123.34. This represents a 23.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Maria G. Freve sold 2,000 shares of the company’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $51.93, for a total transaction of $103,860.00. Following the completion of the sale, the insider directly owned 1,312 shares in the company, valued at approximately $68,132.16. This represents a 60.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 484,632 shares of company stock worth $23,901,751. Corporate insiders own 0.60% of the company’s stock.

Analyst Ratings Changes

SYM has been the subject of a number of research analyst reports. Baird R W cut shares of Symbotic from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 7th. Arete Research cut shares of Symbotic from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Needham & Company LLC upped their price objective on shares of Symbotic from $32.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Citigroup reiterated a “buy” rating on shares of Symbotic in a research report on Monday, July 14th. Finally, DA Davidson restated a “neutral” rating and issued a $47.00 price target (up from $35.00) on shares of Symbotic in a research report on Monday, August 25th. Six research 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price 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.