HighTower Advisors LLC Purchases 7,584 Shares of Symbotic Inc. $SYM

HighTower Advisors LLC increased its stake in Symbotic Inc. (NASDAQ:SYM) by 28.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 33,955 shares of the company’s stock after purchasing an additional 7,584 shares during the period. HighTower Advisors LLC’s holdings in Symbotic were worth $686,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Walmart Inc. bought a new position in shares of Symbotic in the fourth quarter worth $355,650,000. Exchange Traded Concepts LLC increased its position in shares of Symbotic by 18.0% in the first quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company’s stock worth $13,758,000 after purchasing an additional 104,068 shares during the period. TCW Group Inc. increased its position in shares of Symbotic by 1.8% in the first quarter. TCW Group Inc. now owns 593,442 shares of the company’s stock worth $11,993,000 after purchasing an additional 10,487 shares during the period. ARK Investment Management LLC increased its position in shares of Symbotic by 106.9% in the first 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 during the period. Finally, Two Sigma Investments LP increased its position in shares of Symbotic by 26.2% in the fourth quarter. Two Sigma Investments LP now owns 321,622 shares of the company’s stock worth $7,626,000 after purchasing an additional 66,755 shares during the period.

Insider Activity

In other news, Director Todd Krasnow sold 30,000 shares of Symbotic stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $51.54, for a total transaction of $1,546,200.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Rollin L. Ford sold 90,000 shares of Symbotic stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total value of $4,641,300.00. Following the sale, the director directly owned 14,507 shares in the company, valued at $748,125.99. The trade was a 86.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 484,632 shares of company stock valued at $23,837,791. 0.60% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts recently commented on SYM shares. Oppenheimer raised their price target on Symbotic from $54.00 to $59.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. Baird R W cut Symbotic from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 7th. Deutsche Bank Aktiengesellschaft cut Symbotic from a “buy” rating to a “hold” rating and set a $51.00 price target on the stock. in a research report on Friday, July 18th. Arete Research cut Symbotic from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Finally, Arete lowered Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research note on Friday, July 25th. Six research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $43.44.

Symbotic Stock Up 3.4%

NASDAQ:SYM opened at $49.34 on Friday. The stock’s 50-day simple moving average is $48.32 and its 200 day simple moving average is $32.66. The firm has a market capitalization of $29.13 billion, a PE ratio of -704.76 and a beta of 2.06. Symbotic Inc. has a twelve month low of $16.32 and a twelve month high of $64.16.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Wednesday, August 6th. The company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.08). The business had revenue of $592.12 million during the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative net margin of 0.38% and a negative return on equity of 2.02%. The business’s quarterly revenue was up 25.9% compared to the same quarter last year. During the same period last year, the business earned ($0.02) earnings per share. On average, analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current fiscal year.

Symbotic 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.