Wealth Enhancement Advisory Services LLC Sells 2,594 Shares of Symbotic Inc. $SYM

Wealth Enhancement Advisory Services LLC trimmed its holdings in Symbotic Inc. (NASDAQ:SYM) by 19.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,691 shares of the company’s stock after selling 2,594 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Symbotic were worth $415,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SYM. GAMMA Investing LLC increased its holdings in shares of Symbotic by 1,812.2% in the first quarter. GAMMA Investing LLC now owns 1,415 shares of the company’s stock valued at $29,000 after purchasing an additional 1,341 shares in the last quarter. Ulland Investment Advisors LLC acquired a new position in shares of Symbotic during the first quarter valued at $31,000. CWM LLC increased its position in Symbotic by 408.2% in the first quarter. CWM LLC now owns 2,602 shares of the company’s stock worth $53,000 after purchasing an additional 2,090 shares during the period. AlphaQuest LLC lifted its position in Symbotic by 318.5% during the 1st quarter. AlphaQuest LLC now owns 2,800 shares of the company’s stock valued at $57,000 after purchasing an additional 2,131 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in shares of Symbotic by 54.8% during the first quarter. PNC Financial Services Group Inc. now owns 5,932 shares of the company’s stock worth $120,000 after buying an additional 2,100 shares during the last quarter.

Insider Activity at Symbotic

In other news, insider Maria G. Freve sold 2,000 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $51.93, for a total value of $103,860.00. Following the completion of the sale, the insider owned 1,312 shares of the company’s stock, valued at approximately $68,132.16. This represents a 60.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles Kane sold 25,000 shares of the business’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the transaction, the director owned 79,507 shares in the company, valued at approximately $3,786,123.34. The trade was a 23.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 479,032 shares of company stock worth $23,711,528. Insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SYM. Arete Research downgraded Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Citigroup reissued a “buy” rating on shares of Symbotic in a research note on Monday, July 14th. Robert W. Baird cut Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 target price on the stock. in a report on Thursday, August 7th. Arete cut Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price target for the company. in a research note on Friday, July 25th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of 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. Seven equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $45.00.

Symbotic Stock Performance

NASDAQ:SYM opened at $67.84 on Tuesday. The company has a market cap of $40.06 billion, a PE ratio of -969.00, a PEG ratio of 12.23 and a beta of 2.06. Symbotic Inc. has a 52-week low of $16.32 and a 52-week high of $69.00. The stock has a 50-day simple moving average of $51.99 and a 200 day simple moving average of $38.19.

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