Van ECK Associates Corp Buys 774 Shares of Symbotic Inc. (NASDAQ:SYM)

Van ECK Associates Corp grew its stake in shares of Symbotic Inc. (NASDAQ:SYM) by 28.4% during the third quarter, HoldingsChannel reports. The firm owned 3,497 shares of the company’s stock after purchasing an additional 774 shares during the quarter. Van ECK Associates Corp’s holdings in Symbotic were worth $85,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. RFP Financial Group LLC lifted its position in Symbotic by 21.2% during the 1st quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after acquiring an additional 242 shares during the period. Castleview Partners LLC lifted its position in Symbotic by 50.0% during the 3rd quarter. Castleview Partners LLC now owns 1,500 shares of the company’s stock valued at $37,000 after acquiring an additional 500 shares during the period. Quarry LP purchased a new position in Symbotic during the 2nd quarter valued at about $65,000. Arcadia Investment Management Corp MI purchased a new position in Symbotic during the 3rd quarter valued at about $49,000. Finally, Natixis Investment Managers International purchased a new position in Symbotic during the 1st quarter valued at about $90,000.

Symbotic Trading Down 8.2 %

Shares of NASDAQ SYM opened at $31.49 on Thursday. The firm has a 50 day moving average of $26.02 and a 200 day moving average of $31.34. The firm has a market capitalization of $18.44 billion, a price-to-earnings ratio of -165.74 and a beta of 1.81. Symbotic Inc. has a 12-month low of $17.11 and a 12-month high of $59.82.

Wall Street Analysts Forecast Growth

SYM has been the subject of a number of recent research reports. Vertical Research began coverage on shares of Symbotic in a research report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price target for the company. Needham & Company LLC decreased their target price on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. Northland Securities decreased their target price on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, July 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 target price on shares of Symbotic in a report on Friday, October 11th. Finally, Citigroup decreased their target price on shares of Symbotic from $62.00 to $49.00 and set a “buy” rating for the company in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Symbotic presently has a consensus rating of “Moderate Buy” and an average target price of $43.23.

Insider Activity at Symbotic

In related news, Director Todd Krasnow sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the completion of the sale, the director now directly owns 214,036 shares in the company, valued at approximately $4,013,175. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Todd Krasnow sold 2,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the completion of the sale, the director now directly owns 214,036 shares of the company’s stock, valued at $4,013,175. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael David Dunn sold 5,266 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $23.81, for a total transaction of $125,383.46. Following the completion of the sale, the insider now directly owns 85,224 shares of the company’s stock, valued at approximately $2,029,183.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 49,878 shares of company stock worth $1,378,056. 38.30% of the stock is owned by company insiders.

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.