M&T Bank Corp Purchases 2,673 Shares of Symbotic Inc. (NASDAQ:SYM)

M&T Bank Corp raised its position in shares of Symbotic Inc. (NASDAQ:SYM) by 14.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,768 shares of the company’s stock after acquiring an additional 2,673 shares during the period. M&T Bank Corp’s holdings in Symbotic were worth $420,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in shares of Symbotic by 1,812.2% during the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock worth $29,000 after acquiring an additional 1,341 shares during the period. Ulland Investment Advisors LLC bought a new stake in shares of Symbotic during the first quarter worth approximately $31,000. Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Symbotic during the fourth quarter worth approximately $47,000. Tower Research Capital LLC TRC boosted its holdings in shares of Symbotic by 40.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,566 shares of the company’s stock worth $85,000 after acquiring an additional 1,018 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Symbotic by 146.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,832 shares of the company’s stock worth $91,000 after acquiring an additional 2,275 shares during the period.

Symbotic Stock Up 8.7%

Shares of Symbotic stock opened at $52.76 on Thursday. The stock has a market cap of $31.11 billion, a price-to-earnings ratio of -1,319.00, a P/E/G ratio of 50.57 and a beta of 2.03. The company’s fifty day moving average is $34.13 and its 200 day moving average is $27.57. Symbotic Inc. has a twelve month low of $16.32 and a twelve month high of $52.96.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Wednesday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). The company had revenue of $549.65 million for the quarter, compared to the consensus estimate of $522.36 million. Symbotic had a negative return on equity of 1.26% and a negative net margin of 0.23%. Symbotic’s revenue for the quarter was up 39.7% compared to the same quarter last year. During the same period last year, the company earned ($0.07) EPS. As a group, equities analysts anticipate that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In related news, CFO Carol J. Hibbard sold 4,628 shares of the company’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $22.62, for a total value of $104,685.36. Following the sale, the chief financial officer owned 54,011 shares in the company, valued at $1,221,728.82. This represents a 7.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Daniela L. Rus sold 2,706 shares of the company’s stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $49.00, for a total transaction of $132,594.00. Following the completion of the sale, the director owned 23,729 shares in the company, valued at $1,162,721. This represents a 10.24% decrease in their position. The disclosure for this sale can be found here. Insiders sold 73,662 shares of company stock worth $2,629,182 over the last quarter. Company insiders own 0.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SYM shares. Arete Research upgraded Symbotic to a “strong-buy” rating and set a $50.00 price objective for the company in a report on Wednesday, June 25th. BWS Financial restated a “sell” rating and set a $10.00 price objective on shares of Symbotic in a report on Wednesday, April 2nd. Oppenheimer boosted their price target on Symbotic from $35.00 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday. Citigroup reiterated a “buy” rating on shares of Symbotic in a research note on Monday. Finally, The Goldman Sachs Group cut their price target on Symbotic from $25.00 to $18.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Symbotic presently has an average rating of “Moderate Buy” and an average price target of $40.71.

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.