Essex Investment Management Co. LLC Buys 10,104 Shares of Symbotic Inc. (NASDAQ:SYM)

Essex Investment Management Co. LLC increased its stake in shares of Symbotic Inc. (NASDAQ:SYM) by 54.6% during the 3rd quarter, Holdings Channel reports. The fund owned 28,608 shares of the company’s stock after acquiring an additional 10,104 shares during the period. Essex Investment Management Co. LLC’s holdings in Symbotic were worth $698,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of SYM. RFP Financial Group LLC lifted its stake in shares of Symbotic by 21.2% in the first quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after buying an additional 242 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Symbotic by 11.6% in the first quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after purchasing an additional 284 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Symbotic by 4.5% in the first quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after purchasing an additional 654 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Symbotic by 8.5% in the second quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock valued at $304,000 after purchasing an additional 679 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Symbotic by 7.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock valued at $597,000 after purchasing an additional 800 shares during the last quarter.

Insider Activity at Symbotic

In other Symbotic news, Director Todd Krasnow sold 17,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $21.46, for a total value of $364,820.00. Following the completion of the transaction, the director now owns 214,036 shares of the company’s stock, valued at $4,593,212.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Symbotic news, insider Michael David Dunn sold 5,266 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total value of $125,383.46. Following the completion of the transaction, the insider now owns 85,224 shares of the company’s stock, valued at $2,029,183.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Todd Krasnow sold 17,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $21.46, for a total transaction of $364,820.00. Following the completion of the transaction, the director now directly owns 214,036 shares of the company’s stock, valued at approximately $4,593,212.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,987 shares of company stock valued at $986,559. Corporate insiders own 38.30% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Craig Hallum lowered their target price on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Northland Securities lowered their target price on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, July 30th. TD Cowen lowered their target price on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. The Goldman Sachs Group lowered their target price on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. Finally, BWS Financial restated a “sell” rating and set a $10.00 price objective on shares of Symbotic in a report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Symbotic presently has an average rating of “Moderate Buy” and an average price target of $43.23.

Symbotic Trading Up 8.8 %

Shares of NASDAQ:SYM opened at $29.93 on Monday. The company has a 50 day moving average of $22.42 and a 200 day moving average of $33.30. The stock has a market cap of $17.53 billion, a P/E ratio of -157.53 and a beta of 1.84. Symbotic Inc. has a 12 month low of $17.11 and a 12 month high of $59.82.

Symbotic (NASDAQ:SYM) last issued its quarterly earnings data on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). The firm had revenue of $491.86 million for the quarter, compared to analysts’ expectations of $464.56 million. Symbotic had a negative net margin of 1.03% and a positive return on equity of 4.08%. Symbotic’s revenue was up 57.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.07) EPS. On average, equities analysts forecast that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

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.