Arkfeld Wealth Strategies L.L.C. Boosts Stock Position in Symbotic Inc. $SYM

Arkfeld Wealth Strategies L.L.C. grew its holdings in shares of Symbotic Inc. (NASDAQ:SYM) by 3.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,680 shares of the company’s stock after purchasing an additional 1,087 shares during the quarter. Arkfeld Wealth Strategies L.L.C.’s holdings in Symbotic were worth $1,114,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Symbotic by 16.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,343,902 shares of the company’s stock valued at $27,155,000 after buying an additional 187,538 shares during the period. Raymond James Financial Inc. increased its stake in shares of Symbotic by 12.1% during the 1st quarter. Raymond James Financial Inc. now owns 980,922 shares of the company’s stock worth $19,824,000 after purchasing an additional 105,616 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Symbotic by 18.0% during the 1st quarter. Exchange Traded Concepts LLC now owns 680,734 shares of the company’s stock worth $13,758,000 after purchasing an additional 104,068 shares during the last quarter. TCW Group Inc. raised its holdings in shares of Symbotic by 1.8% in the 1st quarter. TCW Group Inc. now owns 593,442 shares of the company’s stock worth $11,993,000 after purchasing an additional 10,487 shares during the period. Finally, Amanah Holdings Trust purchased a new position in Symbotic in the second quarter valued at approximately $19,824,000.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on SYM shares. Wall Street Zen raised Symbotic from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Arete Research downgraded Symbotic from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 25th. Arete lowered Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price objective for the company. in a report on Friday, July 25th. Oppenheimer boosted their price objective on Symbotic from $54.00 to $59.00 and gave the company an “outperform” rating in a research note on Thursday, August 7th. Finally, Northland Securities increased their target price on shares of Symbotic from $35.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 8th. Six investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Symbotic presently has a consensus rating of “Hold” and a consensus target price of $43.44.

Insider Transactions at Symbotic

In related news, Director Charles Kane sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $47.62, for a total transaction of $1,190,500.00. Following the sale, the director owned 79,507 shares of the company’s stock, valued at approximately $3,786,123.34. This represents a 23.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider William M. Boyd III sold 2,455 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $50.58, for a total transaction of $124,173.90. Following the completion of the transaction, the insider directly owned 29,429 shares of the company’s stock, valued at approximately $1,488,518.82. The trade was a 7.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 483,032 shares of company stock valued at $23,897,448. Company insiders own 0.60% of the company’s stock.

Symbotic Stock Performance

Shares of NASDAQ SYM opened at $51.26 on Friday. Symbotic Inc. has a fifty-two week low of $16.32 and a fifty-two week high of $64.16. The stock has a market cap of $30.27 billion, a PE ratio of -732.18 and a beta of 2.05. The stock has a fifty day moving average of $50.56 and a 200-day moving average of $35.01.

Symbotic (NASDAQ:SYM) last issued its earnings results on Wednesday, August 6th. The company reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.08). The company had revenue of $592.12 million during the quarter, compared to the consensus estimate of $533.55 million. Symbotic had a negative return on equity of 2.02% and a negative net margin of 0.38%.The firm’s revenue for the quarter was up 25.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.02) EPS. On average, sell-side analysts predict that Symbotic Inc. will post 0.13 EPS for the current year.

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.