Phoenix Financial Ltd. Makes New Investment in Symbotic Inc. $SYM

Phoenix Financial Ltd. bought a new position in shares of Symbotic Inc. (NASDAQ:SYM) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,300 shares of the company’s stock, valued at approximately $245,000.

A number of other hedge funds also recently bought and sold shares of the stock. Amanah Holdings Trust purchased a new stake in shares of Symbotic during the 2nd quarter valued at $19,824,000. Canada Pension Plan Investment Board purchased a new stake in shares of Symbotic during the 1st quarter valued at $4,968,000. ARK Investment Management LLC lifted its holdings in shares of Symbotic by 106.9% during the 1st quarter. ARK Investment Management LLC now owns 393,293 shares of the company’s stock valued at $7,948,000 after purchasing an additional 203,226 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Symbotic by 16.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock valued at $27,155,000 after purchasing an additional 187,538 shares during the last quarter. Finally, Raymond James Financial Inc. lifted its holdings in shares of Symbotic by 12.1% during the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company’s stock valued at $19,824,000 after purchasing an additional 105,616 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Citigroup reiterated a “buy” rating on shares of Symbotic in a report on Monday, July 14th. Robert W. Baird lowered Symbotic from an “outperform” rating to a “neutral” rating and set a $55.00 target price for the company. in a research note on Thursday, August 7th. Baird R W lowered Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 7th. Arete Research lowered Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Finally, Zacks Research upgraded Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Seven investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Symbotic currently has a consensus rating of “Hold” and a consensus price target of $44.61.

Symbotic Price Performance

Shares of SYM stock opened at $64.44 on Thursday. The business has a fifty day moving average of $55.50 and a 200 day moving average of $41.96. The firm has a market capitalization of $38.05 billion, a price-to-earnings ratio of -920.44, a price-to-earnings-growth ratio of 11.77 and a beta of 2.06. Symbotic Inc. has a 1 year low of $16.32 and a 1 year high of $79.58.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results 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 company had revenue of $592.12 million for the quarter, compared to analyst estimates of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.Symbotic’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.02) earnings per share. As a group, equities research analysts expect that Symbotic Inc. will post 0.13 earnings per share for the current year.

Insider Activity at Symbotic

In other Symbotic news, Director Todd Krasnow sold 4,000 shares of the stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $67.02, for a total transaction of $268,080.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider William M. Boyd III sold 2,660 shares of the stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $75.08, for a total value of $199,712.80. Following the sale, the insider directly owned 26,769 shares in the company, valued at $2,009,816.52. This represents a 9.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 490,348 shares of company stock worth $25,157,458 in the last three months. Company insiders own 0.60% of the company’s stock.

About Symbotic

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.