Freemont Management S.A. Sells 84,400 Shares of Symbotic Inc. $SYM

Freemont Management S.A. reduced its position in shares of Symbotic Inc. (NASDAQ:SYM) by 88.3% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,200 shares of the company’s stock after selling 84,400 shares during the quarter. Freemont Management S.A.’s holdings in Symbotic were worth $604,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SYM. IAG Wealth Partners LLC purchased a new position in shares of Symbotic in the second quarter worth approximately $32,000. Gables Capital Management Inc. bought a new position in Symbotic in the second quarter worth approximately $39,000. NewEdge Advisors LLC boosted its stake in shares of Symbotic by 81.5% during the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock worth $50,000 after acquiring an additional 573 shares during the last quarter. KBC Group NV bought a new stake in shares of Symbotic during the 2nd quarter valued at $66,000. Finally, Centerpoint Advisors LLC increased its stake in shares of Symbotic by 16.7% in the 3rd quarter. Centerpoint Advisors LLC now owns 1,400 shares of the company’s stock worth $75,000 after purchasing an additional 200 shares in the last quarter.

Insiders Place Their Bets

In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $53.73, for a total transaction of $214,920.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Svf Sponsor Iii (De) Llc sold 3,500,000 shares of the firm’s stock in a transaction dated 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 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 disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 7,145,878 shares of company stock worth $381,770,290. 8.16% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have issued reports on SYM shares. Deutsche Bank Aktiengesellschaft boosted their price target on Symbotic from $55.00 to $63.00 and gave the company a “hold” rating in a report on Tuesday, November 25th. Zacks Research downgraded Symbotic from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 20th. TD Cowen reissued a “buy” rating on shares of Symbotic in a report on Wednesday, December 3rd. Barclays raised their target price 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. Finally, Cantor Fitzgerald lifted their price target on shares of Symbotic from $60.00 to $82.00 and gave the company an “overweight” rating in a report on Tuesday, November 25th. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Symbotic presently has an average rating of “Hold” and an average target price of $58.07.

Symbotic Trading Down 6.3%

NASDAQ SYM opened at $54.71 on Friday. Symbotic Inc. has a 12 month low of $16.32 and a 12 month high of $87.88. The stock has a market cap of $32.36 billion, a PE ratio of -547.05, a P/E/G ratio of 7.79 and a beta of 2.13. The stock’s 50 day moving average is $61.46 and its 200 day moving average is $60.48.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data 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). Symbotic had a negative net margin of 0.45% and a negative return on equity of 1.88%. The company had revenue of $629.99 million for the quarter, compared to the consensus estimate of $622.58 million. During the same quarter in the previous year, the business earned ($0.03) EPS. The company’s quarterly revenue was up 29.4% on a year-over-year basis. On average, analysts forecast that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Symbotic Company Profile

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.