Symbotic Inc. (NASDAQ:SYM) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp lowered its stake in Symbotic Inc. (NASDAQ:SYM) by 25.6% during the fourth quarter, HoldingsChannel reports. The firm owned 2,601 shares of the company’s stock after selling 896 shares during the quarter. Van ECK Associates Corp’s holdings in Symbotic were worth $62,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Arcadia Investment Management Corp MI purchased a new stake in Symbotic during the third quarter worth $49,000. RiverPark Advisors LLC raised its holdings in shares of Symbotic by 147.1% in the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after acquiring an additional 1,211 shares during the last quarter. Quest Partners LLC increased its stake in Symbotic by 19,307.7% in the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock valued at $62,000 after purchasing an additional 2,510 shares during the last quarter. MCF Advisors LLC acquired a new position in Symbotic in the fourth quarter valued at $85,000. Finally, Quarry LP increased its stake in Symbotic by 89.9% in the third quarter. Quarry LP now owns 3,508 shares of the company’s stock valued at $86,000 after purchasing an additional 1,661 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages have commented on SYM. Raymond James lowered Symbotic from an “outperform” rating to a “market perform” rating in a research note on Thursday, February 6th. Oppenheimer assumed coverage on Symbotic in a research report on Wednesday, January 15th. They issued an “outperform” rating and a $35.00 target price for the company. Needham & Company LLC reduced their price target on Symbotic from $35.00 to $32.00 and set a “buy” rating for the company in a report on Thursday, February 6th. DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $35.00 target price on the stock in a report on Wednesday, January 8th. Finally, Citigroup reaffirmed a “buy” rating and set a $37.00 target price on shares of Symbotic in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $38.33.

Symbotic Price Performance

SYM opened at $24.47 on Monday. Symbotic Inc. has a 12 month low of $17.11 and a 12 month high of $50.40. The stock has a market cap of $14.40 billion, a P/E ratio of -349.52, a P/E/G ratio of 6.48 and a beta of 1.79. The stock’s 50 day moving average price is $27.22 and its 200 day moving average price is $26.48.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings results on Wednesday, February 5th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. Symbotic had a positive return on equity of 5.11% and a negative net margin of 0.38%. Equities analysts anticipate that Symbotic Inc. will post 0.13 EPS for the current year.

Insider Buying and Selling at Symbotic

In other news, insider Michael David Dunn sold 63,867 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $30.08, for a total transaction of $1,921,119.36. Following the completion of the sale, the insider now directly owns 24,055 shares of the company’s stock, valued at $723,574.40. This trade represents a 72.64 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider William M. Boyd III sold 2,660 shares of the firm’s stock in a transaction 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 sale, the insider now directly owns 40,812 shares of the company’s stock, valued at approximately $1,126,411.20. This represents a 6.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 109,114 shares of company stock valued at $3,238,557. 0.60% of the stock is owned by corporate insiders.

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.