Symbotic Inc. (NASDAQ:SYM) Shares Sold by Ghisallo Capital Management LLC

Ghisallo Capital Management LLC lowered its position in shares of Symbotic Inc. (NASDAQ:SYM) by 50.0% in the second quarter, Holdings Channel reports. The institutional investor owned 50,000 shares of the company’s stock after selling 50,000 shares during the quarter. Ghisallo Capital Management LLC’s holdings in Symbotic were worth $1,758,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP acquired a new stake in shares of Symbotic during the 2nd quarter worth approximately $65,000. Sunbelt Securities Inc. increased its holdings in shares of Symbotic by 2,215.9% during the 2nd quarter. Sunbelt Securities Inc. now owns 5,095 shares of the company’s stock worth $179,000 after buying an additional 4,875 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Symbotic by 8.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 8,655 shares of the company’s stock worth $304,000 after buying an additional 679 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Symbotic by 6,694.5% during the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after buying an additional 330,709 shares during the last quarter. Finally, Marathon Capital Management increased its holdings in shares of Symbotic by 8.0% during the 2nd quarter. Marathon Capital Management now owns 42,055 shares of the company’s stock worth $1,479,000 after buying an additional 3,115 shares during the last quarter.

Symbotic Trading Down 2.3 %

Symbotic stock opened at $23.83 on Wednesday. The stock has a market cap of $13.95 billion, a P/E ratio of -99.29 and a beta of 1.81. The company has a fifty day simple moving average of $23.46 and a 200-day simple moving average of $34.54. Symbotic Inc. has a 12-month low of $17.11 and a 12-month high of $59.82.

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. As a group, sell-side analysts forecast that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. KeyCorp lowered 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. TD Cowen lowered their price objective on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating for the company in a research report on Tuesday, July 30th. 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 lowered 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, The Goldman Sachs Group lowered 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. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, Symbotic presently has a consensus rating of “Moderate Buy” and an average target price of $43.23.

Insider Buying and Selling

In related news, insider Michael David Dunn sold 1,895 shares of Symbotic stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total transaction of $69,281.20. Following the sale, the insider now directly owns 77,326 shares in the company, valued at approximately $2,827,038.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Todd Krasnow sold 2,000 shares of Symbotic stock in a transaction 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 sale, the director now directly owns 214,036 shares in the company, valued at approximately $4,013,175. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Michael David Dunn sold 1,895 shares of Symbotic stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $36.56, for a total transaction of $69,281.20. Following the sale, the insider now owns 77,326 shares in the company, valued at $2,827,038.56. The disclosure for this sale can be found here. Insiders have sold 31,721 shares of company stock worth $893,256 in the last ninety days. 38.30% of the stock is owned by corporate insiders.

Symbotic Company 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.