L & S Advisors Inc Takes $246,000 Position in Symbotic Inc. (NASDAQ:SYM)

L & S Advisors Inc purchased a new position in shares of Symbotic Inc. (NASDAQ:SYM) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,080 shares of the company’s stock, valued at approximately $246,000.

Several other hedge funds have also recently modified their holdings of the stock. Baillie Gifford & Co. grew its holdings in shares of Symbotic by 32.0% during the third quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after buying an additional 3,410,050 shares in the last quarter. Vanguard Group Inc. grew its stake in Symbotic by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after acquiring an additional 345,386 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in Symbotic by 76.8% during the 3rd quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after acquiring an additional 379,726 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock valued at $27,281,000 after acquiring an additional 509,700 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in Symbotic by 8.4% in the 2nd quarter. Raymond James & Associates now owns 668,103 shares of the company’s stock worth $23,491,000 after purchasing an additional 51,712 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SYM. Craig Hallum dropped their price target on Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their target price on Symbotic from $58.00 to $59.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. TD Cowen lowered their price target on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. DA Davidson reissued a “buy” rating and issued a $47.00 price objective on shares of Symbotic in a report on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.31.

Symbotic Stock Up 0.1 %

NASDAQ:SYM opened at $36.36 on Friday. The stock’s fifty day moving average is $27.76 and its two-hundred day moving average is $31.11. Symbotic Inc. has a 52 week low of $17.11 and a 52 week high of $59.82. The stock has a market capitalization of $21.29 billion, a price-to-earnings ratio of -605.93 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last announced its earnings results on Monday, November 18th. The company reported $0.05 earnings per share for the quarter, hitting the consensus estimate of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The firm had revenue of $576.77 million for the quarter, compared to the consensus estimate of $470.24 million. During the same period in the prior year, the firm earned ($0.08) EPS. The firm’s revenue for the quarter was up 47.2% on a year-over-year basis. On average, sell-side analysts expect that Symbotic Inc. will post 0.33 EPS for the current fiscal year.

Insider Activity

In related news, insider Michael David Dunn sold 1,715 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $28.77, for a total transaction of $49,340.55. Following the sale, the insider now directly owns 87,922 shares in the company, valued at approximately $2,529,515.94. This represents a 1.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at $990,084.48. This represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,878 shares of company stock worth $1,378,056. Corporate insiders own 38.30% of the company’s stock.

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.