ARK Investment Management LLC Buys 144,389 Shares of Symbotic Inc. $SYM

ARK Investment Management LLC lifted its stake in shares of Symbotic Inc. (NASDAQ:SYM) by 32.4% during the third quarter, HoldingsChannel reports. The firm owned 589,887 shares of the company’s stock after acquiring an additional 144,389 shares during the quarter. ARK Investment Management LLC’s holdings in Symbotic were worth $31,795,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. MAI Capital Management grew 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 in the last quarter. IAG Wealth Partners LLC acquired a new stake in Symbotic in the second quarter valued at $32,000. NewEdge Advisors LLC grew its position in shares of 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 during the period. Fifth Third Bancorp increased its stake 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 worth $54,000 after purchasing an additional 1,000 shares during the last quarter. Finally, KBC Group NV bought a new stake in shares of Symbotic in the 2nd quarter valued at about $66,000.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. UBS Group set a $70.00 price target on Symbotic in a report on Wednesday, February 18th. Needham & Company LLC raised their price objective on Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Deutsche Bank Aktiengesellschaft lifted their target price on Symbotic from $55.00 to $63.00 and gave the stock a “hold” rating in a research note on Tuesday, November 25th. Wall Street Zen cut Symbotic from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Symbotic in a report on Thursday, February 5th. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $60.57.

Symbotic Stock Performance

Shares of Symbotic stock opened at $54.04 on Thursday. The firm has a 50-day moving average of $60.03 and a 200-day moving average of $60.57. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $87.88. The stock has a market cap of $32.54 billion, a PE ratio of -540.35, a PEG ratio of 5.28 and a beta of 2.13.

Symbotic (NASDAQ:SYM) last released its quarterly earnings results on Wednesday, February 4th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.06). The business had revenue of $629.99 million for the quarter, compared to the consensus estimate of $622.58 million. Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.Symbotic’s revenue was up 29.4% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.03) earnings per share. Equities research 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 Rollin L. Ford sold 60,000 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $57.51, for a total transaction of $3,450,600.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William M. Boyd III sold 15,000 shares of the stock in a transaction on Monday, January 5th. The stock was sold at an average price of $69.00, for a total value of $1,035,000.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,186,533 shares of company stock valued at $383,607,335 in the last quarter. Corporate insiders own 8.16% of the company’s stock.

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.