Driehaus Capital Management LLC Lowers Stake in Symbotic Inc. (NASDAQ:SYM)

Driehaus Capital Management LLC lowered its stake in shares of Symbotic Inc. (NASDAQ:SYM) by 10.9% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 195,498 shares of the company’s stock after selling 23,904 shares during the period. Driehaus Capital Management LLC’s holdings in Symbotic were worth $6,874,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. RFP Financial Group LLC boosted its position in Symbotic by 21.2% in the 1st quarter. RFP Financial Group LLC now owns 1,382 shares of the company’s stock valued at $62,000 after buying an additional 242 shares during the period. Advisors Asset Management Inc. boosted its position in Symbotic by 11.6% in the 1st quarter. Advisors Asset Management Inc. now owns 2,740 shares of the company’s stock valued at $123,000 after buying an additional 284 shares during the period. California State Teachers Retirement System boosted its position in Symbotic by 4.5% in the 1st quarter. California State Teachers Retirement System now owns 15,057 shares of the company’s stock valued at $678,000 after buying an additional 654 shares during the period. The Manufacturers Life Insurance Company boosted its position in Symbotic by 8.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock valued at $304,000 after buying an additional 679 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Symbotic by 7.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 11,632 shares of the company’s stock valued at $597,000 after buying an additional 800 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Northland Securities decreased their price target on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, July 30th. The Goldman Sachs Group decreased their price objective on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday, July 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research report on Tuesday, July 30th. Needham & Company LLC decreased their price objective on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. Finally, KeyCorp decreased their price objective on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a research report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Symbotic has a consensus rating of “Moderate Buy” and a consensus target price of $43.23.

Insider Buying and Selling at Symbotic

In other Symbotic news, insider Michael David Dunn sold 5,188 shares of Symbotic stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $35.49, for a total value of $184,122.12. Following the transaction, the insider now directly owns 76,808 shares in the company, valued at $2,725,915.92. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider William M. Boyd III sold 8,826 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $38.71, for a total transaction of $341,654.46. Following the transaction, the insider now directly owns 23,012 shares in the company, valued at $890,794.52. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael David Dunn sold 5,188 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The stock was sold at an average price of $35.49, for a total transaction of $184,122.12. Following the transaction, the insider now owns 76,808 shares in the company, valued at $2,725,915.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,909 shares of company stock worth $1,148,358. 38.30% of the stock is owned by company insiders.

Symbotic Price Performance

Shares of NASDAQ:SYM opened at $25.52 on Monday. The company’s fifty day moving average price is $24.07 and its 200 day moving average price is $34.91. Symbotic Inc. has a 12 month low of $17.11 and a 12 month high of $59.82. The firm has a market capitalization of $14.92 billion, a P/E ratio of -106.33 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings results on Monday, July 29th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The company had revenue of $491.86 million for the quarter, compared to analyst estimates of $464.56 million. During the same quarter in the prior year, the business earned ($0.07) earnings per share. Symbotic’s revenue was up 57.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Symbotic Inc. will post -0.08 EPS for the current year.

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.