PNC Financial Services Group Inc. Buys 2,100 Shares of Symbotic Inc. $SYM

PNC Financial Services Group Inc. lifted its stake in shares of Symbotic Inc. (NASDAQ:SYM) by 54.8% during the first quarter, Holdings Channel.com reports. The firm owned 5,932 shares of the company’s stock after acquiring an additional 2,100 shares during the period. PNC Financial Services Group Inc.’s holdings in Symbotic were worth $120,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. XTX Topco Ltd bought a new position in shares of Symbotic during the 1st quarter worth about $324,000. Banque Cantonale Vaudoise bought a new position in shares of Symbotic during the 1st quarter worth about $245,000. TCW Group Inc. boosted its position in shares of Symbotic by 1.8% during the 1st 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 in the last quarter. LPL Financial LLC boosted its position in shares of Symbotic by 58.8% during the 1st quarter. LPL Financial LLC now owns 68,531 shares of the company’s stock worth $1,385,000 after purchasing an additional 25,364 shares in the last quarter. Finally, ARK Investment Management LLC boosted its position 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 worth $7,948,000 after purchasing an additional 203,226 shares in the last quarter.

Symbotic Stock Performance

NASDAQ:SYM opened at $46.80 on Wednesday. The firm has a market cap of $27.63 billion, a price-to-earnings ratio of -668.48 and a beta of 2.06. Symbotic Inc. has a 52 week low of $16.32 and a 52 week high of $64.16. The firm has a 50-day moving average price of $46.21 and a two-hundred day moving average price of $31.81.

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

Insider Transactions at Symbotic

In other Symbotic news, insider William M. Boyd III sold 25,000 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $59.00, for a total value of $1,475,000.00. Following the completion of the sale, the insider owned 31,884 shares in the company, valued at approximately $1,881,156. This trade represents a 43.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Rollin L. Ford sold 90,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the completion of the sale, the director owned 14,507 shares of the company’s stock, valued at approximately $748,125.99. This trade represents a 86.12% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 243,241 shares of company stock worth $12,495,032. Company insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

SYM has been the topic of several recent research reports. Needham & Company LLC raised their price target on shares of Symbotic from $32.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Oppenheimer raised their price target on shares of Symbotic from $54.00 to $59.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Zacks Research cut shares of Symbotic from a “hold” rating to a “strong sell” rating in a research report on Friday, August 15th. Arete cut shares of Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price target on the stock. in a research report on Friday, July 25th. Finally, Arete Research cut shares of Symbotic from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Seven analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $42.69.

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.