Freemont Management S.A. Purchases 22,400 Shares of Symbotic Inc. $SYM

Freemont Management S.A. raised its holdings in Symbotic Inc. (NASDAQ:SYM) by 30.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 95,600 shares of the company’s stock after acquiring an additional 22,400 shares during the period. Freemont Management S.A.’s holdings in Symbotic were worth $3,714,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. AdvisorNet Financial Inc bought a new position in Symbotic during the 2nd quarter worth $32,000. Gables Capital Management Inc. acquired a new stake in Symbotic in the 2nd quarter valued at $39,000. CWM LLC increased its holdings in Symbotic by 408.2% during the 1st quarter. CWM LLC now owns 2,602 shares of the company’s stock worth $53,000 after purchasing an additional 2,090 shares in the last quarter. AlphaQuest LLC raised its holdings in shares of Symbotic by 318.5% in the first quarter. AlphaQuest LLC now owns 2,800 shares of the company’s stock valued at $57,000 after purchasing an additional 2,131 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of Symbotic by 24.0% during the second quarter. Farther Finance Advisors LLC now owns 1,765 shares of the company’s stock valued at $69,000 after acquiring an additional 342 shares during the last quarter.

Symbotic Trading Down 0.5%

SYM stock opened at $69.80 on Friday. The stock has a market capitalization of $41.22 billion, a PE ratio of -997.00, a price-to-earnings-growth ratio of 11.81 and a beta of 2.10. Symbotic Inc. has a 12-month low of $16.32 and a 12-month high of $84.00. The stock’s 50 day simple moving average is $61.66 and its 200 day simple moving average is $46.59.

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

Insider Activity

In related news, Director Rollin L. Ford sold 90,000 shares of the stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $51.57, for a total transaction of $4,641,300.00. Following the sale, the director directly owned 14,507 shares of the company’s stock, valued at $748,125.99. This trade represents a 86.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, major shareholder David A. Ladensohn sold 23,000 shares of Symbotic stock in a transaction dated Thursday, October 9th. The stock was sold at an average price of $66.75, for a total value of $1,535,250.00. Following the completion of the sale, the insider owned 5,000 shares of the company’s stock, valued at $333,750. The trade was a 82.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 448,494 shares of company stock valued at $23,181,124. Corporate insiders own 0.60% of the company’s stock.

Analyst Upgrades and Downgrades

SYM has been the topic of several research reports. Wall Street Zen upgraded Symbotic from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Arete lowered Symbotic from a “buy” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a research report on Friday, July 25th. Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 1st. Weiss Ratings restated a “hold (c-)” rating on shares of Symbotic in a report on Wednesday, October 8th. Finally, Oppenheimer raised their price objective on Symbotic from $54.00 to $59.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Seven analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $44.61.

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.