Handelsbanken Fonder AB Boosts Stake in Symbotic Inc. $SYM

Handelsbanken Fonder AB increased its position in Symbotic Inc. (NASDAQ:SYM) by 54.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 423,020 shares of the company’s stock after purchasing an additional 148,842 shares during the period. Handelsbanken Fonder AB’s holdings in Symbotic were worth $25,170,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. MAI Capital Management lifted its holdings in shares of Symbotic by 833.3% in the 3rd quarter. MAI Capital Management now owns 560 shares of the company’s stock valued at $30,000 after purchasing an additional 500 shares during the last quarter. Ameriflex Group Inc. lifted its holdings in shares of Symbotic by 1,500.0% in the 3rd quarter. Ameriflex Group Inc. now owns 704 shares of the company’s stock valued at $38,000 after purchasing an additional 660 shares during the last quarter. Strategic Advocates LLC purchased a new stake in Symbotic during the 3rd quarter valued at approximately $42,000. Fifth Third Bancorp raised its stake in Symbotic by 20,000.0% during the 3rd quarter. Fifth Third Bancorp now owns 1,005 shares of the company’s stock valued at $54,000 after acquiring an additional 1,000 shares during the last quarter. Finally, NewEdge Advisors LLC raised its stake in Symbotic by 81.5% during the 2nd quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock valued at $50,000 after acquiring an additional 573 shares during the last quarter.

Analyst Upgrades and Downgrades

SYM has been the subject of several analyst reports. Needham & Company LLC upped their price objective on Symbotic from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. UBS Group set a $70.00 price objective on Symbotic in a research note on Wednesday, February 18th. Northland Securities set a $73.00 price objective on Symbotic in a research note on Thursday, February 5th. DA Davidson reaffirmed a “buy” rating and set a $70.00 price objective on shares of Symbotic in a research note on Monday, May 11th. Finally, Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $65.62.

Symbotic Trading Up 7.2%

NASDAQ SYM opened at $49.96 on Thursday. The business’s 50 day moving average is $54.14 and its two-hundred day moving average is $59.32. Symbotic Inc. has a 12-month low of $26.58 and a 12-month high of $87.88. The stock has a market capitalization of $30.11 billion, a price-to-earnings ratio of -999.00, a PEG ratio of 6.87 and a beta of 2.03.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.11). Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The business had revenue of $676.48 million for the quarter, compared to analyst estimates of $662.66 million. During the same quarter in the previous year, the firm posted ($0.04) EPS. The business’s revenue for the quarter was up 23.1% on a year-over-year basis. Equities analysts forecast that Symbotic Inc. will post 0.23 earnings per share for the current fiscal year.

Insider Activity at Symbotic

In other Symbotic news, Director Todd Krasnow sold 25,422 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $52.45, for a total transaction of $1,333,383.90. Following the transaction, the director owned 182,036 shares in the company, valued at approximately $9,547,788.20. The trade was a 12.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO James Kuffner sold 19,729 shares of the business’s stock in a transaction that occurred on Friday, April 24th. The stock was sold at an average price of $59.82, for a total value of $1,180,188.78. Following the transaction, the chief technology officer owned 179,255 shares in the company, valued at $10,723,034.10. The trade was a 9.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 123,003 shares of company stock worth $6,996,241 in the last three months. 8.16% of the stock is currently owned by corporate insiders.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.