Quent Capital LLC Buys New Shares in Symbotic Inc. $SYM

Quent Capital LLC bought a new stake in Symbotic Inc. (NASDAQ:SYM) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 12,000 shares of the company’s stock, valued at approximately $714,000.

Several other hedge funds have also made changes to their positions in the stock. Royal Bank of Canada lifted its stake in Symbotic by 28.8% during the first quarter. Royal Bank of Canada now owns 84,856 shares of the company’s stock worth $1,714,000 after purchasing an additional 18,967 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Symbotic by 15.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 84,899 shares of the company’s stock worth $1,716,000 after purchasing an additional 11,098 shares during the period. Russell Investments Group Ltd. bought a new position in Symbotic during the second quarter worth about $804,000. Invesco Ltd. lifted its stake in Symbotic by 33.2% during the second quarter. Invesco Ltd. now owns 304,207 shares of the company’s stock worth $11,818,000 after purchasing an additional 75,828 shares during the period. Finally, Cresset Asset Management LLC bought a new position in Symbotic during the second quarter worth about $267,000.

Symbotic Stock Performance

SYM opened at $59.39 on Monday. The company has a fifty day moving average price of $54.34 and a two-hundred day moving average price of $61.21. Symbotic Inc. has a 52 week low of $20.50 and a 52 week high of $87.88. The firm has a market capitalization of $35.76 billion, a PE ratio of -593.84, a P/E/G ratio of 5.95 and a beta of 2.10.

Symbotic (NASDAQ:SYM) last released its earnings results on Wednesday, February 4th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.06). Symbotic had a negative return on equity of 1.88% and a negative net margin of 0.45%.The business had revenue of $629.99 million for the quarter, compared to analyst estimates of $622.58 million. During the same period in the prior year, the firm posted ($0.03) EPS. Symbotic’s revenue was up 29.4% on a year-over-year basis. Equities analysts forecast that Symbotic Inc. will post 0.33 EPS for the current year.

Insider Activity

In other Symbotic news, CTO James Kuffner sold 3,669 shares of Symbotic stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $56.84, for a total transaction of $208,545.96. Following the completion of the sale, the chief technology officer owned 151,061 shares of the company’s stock, valued at approximately $8,586,307.24. The trade was a 2.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles Kane sold 2,000 shares of Symbotic stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $53.74, for a total transaction of $107,480.00. Following the sale, the director directly owned 89,852 shares of the company’s stock, valued at $4,828,646.48. This represents a 2.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 94,504 shares of company stock worth $5,292,558. Corporate insiders own 8.16% of the company’s stock.

Wall Street Analysts Forecast Growth

SYM has been the subject of a number of analyst reports. UBS Group set a $70.00 price target on shares of Symbotic in a research note on Wednesday, February 18th. Barclays raised their price target on shares of Symbotic from $42.00 to $44.00 and gave the stock an “underweight” rating in a research note on Monday, March 16th. DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and raised their price target for the stock from $57.00 to $70.00 in a research note on Wednesday, April 15th. The Goldman Sachs Group restated a “sell” rating and set a $50.00 price target on shares of Symbotic in a research note on Thursday, January 15th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Symbotic in a research note on Tuesday, April 21st. Seven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $65.62.

Symbotic Company Profile

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.