20,000 Shares in Symbotic Inc. (NASDAQ:SYM) Acquired by 1ST Source Bank

1ST Source Bank purchased a new position in Symbotic Inc. (NASDAQ:SYM) in the 3rd quarter, HoldingsChannel.com reports. The firm purchased 20,000 shares of the company’s stock, valued at approximately $488,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Castleview Partners LLC grew its holdings in Symbotic by 50.0% during the third quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock worth $37,000 after acquiring an additional 500 shares during the period. Arcadia Investment Management Corp MI purchased a new stake in shares of Symbotic in the third quarter valued at $49,000. RiverPark Advisors LLC grew its holdings in shares of Symbotic by 147.1% during the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock valued at $50,000 after buying an additional 1,211 shares in the last quarter. RFP Financial Group LLC raised its position in Symbotic by 22.4% during the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after buying an additional 310 shares during the period. Finally, Quest Partners LLC lifted its stake in Symbotic by 19,307.7% in the 3rd quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after acquiring an additional 2,510 shares in the last quarter.

Insider Buying and Selling at Symbotic

In other news, insider William M. Boyd III sold 8,826 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $28.33, for a total transaction of $250,040.58. Following the sale, the insider now owns 23,012 shares in the company, valued at approximately $651,929.96. This represents a 27.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael David Dunn sold 63,867 shares of Symbotic stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $30.08, for a total value of $1,921,119.36. Following the completion of the transaction, the insider now directly owns 24,055 shares of the company’s stock, valued at $723,574.40. This represents a 72.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 111,745 shares of company stock valued at $3,261,675. 38.30% of the stock is currently owned by corporate insiders.

Symbotic Trading Down 0.5 %

Shares of NASDAQ SYM opened at $26.87 on Friday. The firm has a market capitalization of $15.73 billion, a price-to-earnings ratio of -447.83 and a beta of 1.73. Symbotic Inc. has a one year low of $17.11 and a one year high of $58.28. The business has a fifty day simple moving average of $29.49 and a 200 day simple moving average of $29.56.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.49%. The company had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $470.24 million. During the same quarter in the prior year, the company posted ($0.08) EPS. The business’s revenue was up 47.2% on a year-over-year basis. On average, research analysts anticipate that Symbotic Inc. will post 0.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Craig Hallum downgraded Symbotic from a “buy” rating to a “hold” rating and set a $25.00 target price on the stock. in a report on Wednesday, November 27th. DA Davidson cut shares of Symbotic from a “buy” rating to a “neutral” rating and reduced their target price for the company from $50.00 to $35.00 in a research note on Wednesday, November 27th. TD Cowen increased their price target on shares of Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research report on Thursday, December 5th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a report on Tuesday, November 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.54.

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.