Balyasny Asset Management L.P. Sells 332,140 Shares of Symbotic Inc. (NASDAQ:SYM)

Balyasny Asset Management L.P. decreased its holdings in shares of Symbotic Inc. (NASDAQ:SYM) by 90.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 36,048 shares of the company’s stock after selling 332,140 shares during the quarter. Balyasny Asset Management L.P.’s holdings in Symbotic were worth $855,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Barclays PLC grew its stake in Symbotic by 1,105.9% in the third quarter. Barclays PLC now owns 9,346 shares of the company’s stock valued at $228,000 after acquiring an additional 8,571 shares during the period. Armstrong Advisory Group Inc. boosted its position in shares of Symbotic by 122.2% during the fourth quarter. Armstrong Advisory Group Inc. now owns 11,782 shares of the company’s stock worth $279,000 after buying an additional 6,479 shares during the period. Bouvel Investment Partners LLC acquired a new position in shares of Symbotic during the fourth quarter worth about $1,056,000. MCF Advisors LLC acquired a new position in shares of Symbotic during the fourth quarter worth about $85,000. Finally, Bourne Lent Asset Management Inc. boosted its position in shares of Symbotic by 34.8% during the fourth quarter. Bourne Lent Asset Management Inc. now owns 87,210 shares of the company’s stock worth $2,068,000 after buying an additional 22,500 shares during the period.

Insider Activity at Symbotic

In other Symbotic news, Director Rollin L. Ford sold 28,740 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $26.02, for a total value of $747,814.80. Following the sale, the director now owns 10,447 shares in the company, valued at $271,830.94. The trade was a 73.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William M. Boyd III sold 2,660 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $27.60, for a total transaction of $73,416.00. Following the completion of the sale, the insider now owns 40,812 shares in the company, valued at approximately $1,126,411.20. The trade was a 6.12% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 64,907 shares of company stock worth $1,577,173. 0.60% of the stock is owned by corporate insiders.

Symbotic Price Performance

Shares of SYM stock opened at $28.00 on Thursday. Symbotic Inc. has a 1 year low of $16.32 and a 1 year high of $47.42. The firm has a fifty day moving average price of $21.55 and a 200-day moving average price of $25.70. The company has a market cap of $16.47 billion, a price-to-earnings ratio of -399.94, a PEG ratio of 6.48 and a beta of 1.85.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, May 7th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.09). Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. The firm had revenue of $549.65 million for the quarter, compared to analysts’ expectations of $522.36 million. During the same quarter last year, the firm posted ($0.07) EPS. The firm’s quarterly revenue was up 39.7% compared to the same quarter last year. Equities research analysts expect that Symbotic Inc. will post 0.13 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SYM. UBS Group reduced their price objective on Symbotic from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Cantor Fitzgerald reiterated an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research note on Thursday, February 6th. Northland Securities increased their price target on Symbotic from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. BWS Financial reissued a “sell” rating and set a $10.00 price target on shares of Symbotic in a research report on Wednesday, April 2nd. Finally, Oppenheimer started coverage on Symbotic in a report on Wednesday, January 15th. They issued an “outperform” rating and a $35.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $37.20.

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.