On September 26, 2023, it was reported that Willis Johnson & Associates Inc. has acquired a new stake in Symbotic Inc. (NASDAQ:SYM) during the second quarter of this year. According to the company’s recent 13F filing with the Securities and Exchange Commission, Willis Johnson & Associates Inc. purchased 5,000 shares of Symbotic’s stock, which are valued at approximately $214,000.
Symbotic, a company functioning in the technology sector, recently disclosed its quarterly earnings data on July 31st. The firm reported earnings per share (EPS) of ($0.07) for the quarter, surpassing analysts’ consensus estimates by $0.01 with an EPS estimate of ($0.08). Despite having a negative net margin of 2.25% and a negative return on equity of 57.19%, Symbotic managed to outperform expectations.
Furthermore, Symbotic generated a revenue of $311.84 million during the quarter, exceeding the estimated figure of $262.68 million provided by market analysts. In comparison to the same quarter in the previous year when the company posted earnings per share of ($0.01), Symbotic seems to have made progress.
Market experts predict that Symbotic Inc.’s performance will result in an earnings per share value of -0.36 for the current fiscal year as a whole.
While further details regarding Willis Johnson & Associates Inc.’s acquisition remain undisclosed at this time, investors and analysts are closely observing their stake purchase in Symbotic Inc., as it may indicate positive prospects for both companies moving forward.
It is worth noting that this article is based on information available as of September 26, 2023 and may not reflect any subsequent developments or updates related to the mentioned companies or their respective financial standings.
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Institutional Investors and Hedge Funds Show Interest in Symbotic Inc. as Stock Soars
September 26, 2023 – Symbotic Inc., a leading technology company focused on robotics and automation solutions, has recently witnessed significant activity from institutional investors and hedge funds. Notably, Softbank Group CORP. has increased its holdings in Symbotic by a staggering 1,000.0% during the first quarter, accumulating 22,000,000 shares of the company’s stock worth $502,480,000 after purchasing an additional 20,000,000 shares.
Frontier Capital Management Co. LLC also made a noteworthy move by boosting its stake in Symbotic by 202.3% in the first quarter. The firm now owns 1,041,144 shares valued at $23,780,000 after acquiring an additional 696,727 shares.
Furthermore, Navis Wealth Advisors LLC raised its stake in Symbotic by 21.0% during the same period. The company currently holds 913,554 shares worth $20,866,000 after acquiring an additional 158,856 shares.
Adding to this trend of increased investment is Exchange Traded Concepts LLC; they entered a new position in the first quarter with a value of approximately $13,919,000. Similarly, Mirae Asset Global Investments Co. Ltd invested about $13,024,000 in Symbotic during the same period.
These moves from various institutional investors and hedge funds have attracted attention from analysts who have offered their insights into the stock’s potential performance. Northland Securities raised their target price on Symbotic from $35.00 to $45.00 and gave it an “outperform” rating in July this year.
Needham & Company LLC also increased their price objective for Symbotic from $43.00 to $58.00 and rated it as a “buy.” However, The Goldman Sachs Group took a more neutral stance by dropping its target price from $53.00 to $41.00 and giving the stock a “neutral” rating.
Raymond James, on the other hand, raised their target price from $35.00 to $65.00 and assigned an “outperform” rating to the stock in August 2023. Meanwhile, William Blair downgraded Symbotic from an “outperform” rating to a “market perform” rating.
Overall, according to data from Bloomberg.com, Symbotic currently holds an average rating of “Moderate Buy” with a consensus target price of $49.00.
In recent news related to the company’s insiders, Michael David Dunn, an insider at Symbotic, sold 5,375 shares of the company’s stock on July 5th, amounting to a total value of $222,095. As per filing with the Securities & Exchange Commission (SEC), his holdings in the company are now approximately 88,508 shares worth $3,657,150.
Another significant transaction involved Chief Financial Officer Thomas C. Ernst Jr., who sold 31,302 shares on August 8th for a total value of $1,569,795.30. Following this sale, Ernst now holds 426 shares in Symbotic valued at $21,363.90.
Over the last 90 days alone, insiders at Symbotic have sold a staggering 18,148,357 shares valued at $514,086938 – equivalent to around 41.00% ownership of the company’s stock being held by insiders.
As of September 26th this year when trading commenced – SYM stock opened at $30.27 after fluctuating between its one-year low of $8.75 and its peak at $64.14. The fifty-day simple moving average stands at $41.25 while the two-hundred day simple moving average is recorded as $35.36.
Symbotic Inc., with its position in the robotics and automation industry, continues to attract attention from both institutional investors and analysts. With significant investments made by prominent firms such as Softbank Group CORP., the company’s future prospects remain under observation. As developments unfold, market watchers anticipate further insights into Symbotic’s growth trajectory.
