Balyasny Asset Management L.P. Decreases Position in Symbotic Inc. (NASDAQ:SYM)

Balyasny Asset Management L.P. lowered its holdings in Symbotic Inc. (NASDAQ:SYM) by 90.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 36,048 shares of the company’s stock after selling 332,140 shares during the period. Balyasny Asset Management L.P.’s holdings in Symbotic were worth $855,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SYM. Barclays PLC raised its stake in Symbotic by 1,105.9% during the third quarter. Barclays PLC now owns 9,346 shares of the company’s stock valued at $228,000 after buying an additional 8,571 shares in the last quarter. Armstrong Advisory Group Inc. increased its position in Symbotic by 122.2% in the 4th quarter. Armstrong Advisory Group Inc. now owns 11,782 shares of the company’s stock valued at $279,000 after acquiring an additional 6,479 shares during the period. Bouvel Investment Partners LLC acquired a new stake in Symbotic in the 4th quarter valued at approximately $1,056,000. MCF Advisors LLC bought a new position in Symbotic during the fourth quarter valued at about $85,000. Finally, Bourne Lent Asset Management Inc. boosted its stake in Symbotic by 34.8% during the fourth quarter. Bourne Lent Asset Management Inc. now owns 87,210 shares of the company’s stock valued at $2,068,000 after buying an additional 22,500 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SYM shares. Raymond James cut Symbotic from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 6th. The Goldman Sachs Group decreased their target price on Symbotic from $25.00 to $18.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Citigroup decreased their target price on Symbotic from $37.00 to $29.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a report on Thursday, February 6th. Finally, UBS Group cut their price objective on Symbotic from $32.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, February 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $37.20.

Symbotic Stock Up 4.9%

SYM stock opened at $28.00 on Thursday. Symbotic Inc. has a twelve month low of $16.32 and a twelve month high of $47.42. The company has a market cap of $16.47 billion, a PE ratio of -399.94, a price-to-earnings-growth ratio of 6.48 and a beta of 1.85. The business’s 50-day simple moving average is $21.55 and its 200 day simple moving average is $25.70.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. The firm had revenue of $549.65 million for the quarter, compared to analyst estimates of $522.36 million. During the same period last year, the business earned ($0.07) earnings per share. The firm’s quarterly revenue was up 39.7% compared to the same quarter last year. On average, equities research analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Buying and Selling at Symbotic

In other Symbotic news, Director Rollin L. Ford sold 28,740 shares of Symbotic stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $26.02, for a total transaction of $747,814.80. Following the sale, the director now directly owns 10,447 shares of the company’s stock, valued at approximately $271,830.94. The trade was a 73.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider William M. Boyd III sold 2,660 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $27.60, for a total value of $73,416.00. Following the completion of the transaction, the insider now directly owns 40,812 shares in the company, valued at $1,126,411.20. The trade was a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 64,907 shares of company stock valued at $1,577,173. 0.60% of the stock is currently owned by corporate insiders.

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.