Thematics Asset Management Buys 242,661 Shares of Symbotic Inc. (NASDAQ:SYM)

Thematics Asset Management grew its stake in Symbotic Inc. (NASDAQ:SYM) by 30.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,048,170 shares of the company’s stock after buying an additional 242,661 shares during the quarter. Thematics Asset Management owned 0.18% of Symbotic worth $25,565,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock valued at $109,189,000 after acquiring an additional 345,386 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in Symbotic by 191.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after buying an additional 509,700 shares in the last quarter. Comerica Bank boosted its stake in shares of Symbotic by 1,347.0% during the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after buying an additional 15,491 shares during the last quarter. Baillie Gifford & Co. grew its holdings in shares of Symbotic by 32.0% in the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock valued at $343,192,000 after acquiring an additional 3,410,050 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in Symbotic by 6,694.5% during the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after acquiring an additional 330,709 shares in the last quarter.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Robert W. Baird dropped their price target on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 31st. TD Cowen dropped their price objective on Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Northland Securities boosted their target price on Symbotic from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday, November 19th. Needham & Company LLC raised their price target on Symbotic from $40.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, November 19th. Finally, KeyCorp raised their target price on shares of Symbotic from $40.00 to $48.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $44.31.

Symbotic Stock Performance

Shares of SYM stock traded up $0.67 on Tuesday, hitting $38.14. The company had a trading volume of 424,900 shares, compared to its average volume of 1,615,043. The stock’s 50-day moving average is $28.73 and its two-hundred day moving average is $30.85. The firm has a market cap of $22.33 billion, a P/E ratio of -624.50 and a beta of 1.81. Symbotic Inc. has a twelve month low of $17.11 and a twelve month high of $59.82.

Symbotic (NASDAQ:SYM) last released its earnings results on Monday, November 18th. The company reported $0.05 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.05. Symbotic had a negative net margin of 0.32% and a positive return on equity of 6.54%. The business had revenue of $576.77 million for the quarter, compared to analyst estimates of $470.24 million. During the same quarter in the previous year, the business earned ($0.08) earnings per share. Symbotic’s revenue for the quarter was up 47.2% on a year-over-year basis. Equities research analysts predict that Symbotic Inc. will post 0.36 EPS for the current year.

Insider Buying and Selling

In related news, CFO Carol J. Hibbard sold 22,821 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total value of $660,896.16. Following the transaction, the chief financial officer now owns 34,188 shares in the company, valued at approximately $990,084.48. This represents a 40.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Monday, November 4th. The stock was sold at an average price of $28.15, for a total value of $56,300.00. Following the transaction, the director now owns 214,036 shares of the company’s stock, valued at $6,025,113.40. The trade was a 0.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 49,878 shares of company stock worth $1,378,056 in the last quarter. Insiders own 38.30% of the company’s stock.

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.