Group Corp. Softbank Sells 3,500,000 Shares of Symbotic (NASDAQ:SYM) Stock

Symbotic Inc. (NASDAQ:SYM) major shareholder Group Corp. Softbank sold 3,500,000 shares of the firm’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $53.21, for a total value of $186,235,000.00. Following the completion of the transaction, the insider owned 5,590,000 shares of the company’s stock, valued at approximately $297,443,900. The trade was a 38.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Symbotic Trading Up 2.8%

Shares of SYM stock opened at $62.17 on Wednesday. The company’s fifty day moving average price is $68.38 and its 200-day moving average price is $53.30. The stock has a market cap of $36.77 billion, a PE ratio of -414.47, a price-to-earnings-growth ratio of 17.16 and a beta of 2.10. Symbotic Inc. has a 12 month low of $16.32 and a 12 month high of $87.88.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Monday, November 24th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.11). The business had revenue of $618.46 million for the quarter, compared to analysts’ expectations of $604.00 million. Symbotic had a negative net margin of 0.75% and a negative return on equity of 3.89%. The company’s revenue was up 9.5% on a year-over-year basis. During the same period last year, the business earned $0.47 earnings per share. On average, sell-side analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on SYM shares. Northland Securities boosted their price target on Symbotic from $56.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 25th. Cantor Fitzgerald increased their target price on Symbotic from $60.00 to $82.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 25th. Barclays raised their price target on Symbotic from $38.00 to $41.00 and gave the company an “underweight” rating in a report on Wednesday, November 26th. Needham & Company LLC upped their price target on shares of Symbotic from $57.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Finally, Robert W. Baird increased their price objective on shares of Symbotic from $55.00 to $58.00 and gave the company a “neutral” rating in a research report on Wednesday, November 26th. Six research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $56.50.

Hedge Funds Weigh In On Symbotic

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Amanah Holdings Trust bought a new stake in shares of Symbotic during the 2nd quarter valued at $19,824,000. ARK Investment Management LLC lifted its position in Symbotic by 13.3% during the second quarter. ARK Investment Management LLC now owns 445,498 shares of the company’s stock valued at $17,308,000 after purchasing an additional 52,205 shares in the last quarter. Amundi lifted its position in Symbotic by 53.0% during the first quarter. Amundi now owns 72,192 shares of the company’s stock valued at $1,459,000 after purchasing an additional 24,993 shares in the last quarter. Hunter Associates Investment Management LLC bought a new stake in Symbotic during the second quarter valued at about $361,000. Finally, Prospera Financial Services Inc purchased a new stake in Symbotic in the second quarter worth about $861,000.

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.