Mirae Asset Global Investments Co. Ltd. Takes $13.02 Million Position in Symbotic Inc. (NASDAQ:SYM)

Posted by Defense World Staff on Aug 6th, 2023

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Symbotic Inc. (NASDAQ:SYM – Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 570,229 shares of the company’s stock, valued at approximately $13,024,000. Mirae Asset Global Investments Co. Ltd. owned about 0.10% of Symbotic at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Skylands Capital LLC bought a new stake in Symbotic in the first quarter worth $731,000. Calamos Advisors LLC bought a new stake in Symbotic in the first quarter worth $889,000. Raymond James Trust N.A. increased its position in Symbotic by 69.6% in the first quarter. Raymond James Trust N.A. now owns 19,500 shares of the company’s stock worth $445,000 after purchasing an additional 8,000 shares during the last quarter. Victory Capital Management Inc. bought a new stake in Symbotic in the first quarter worth $1,660,000. Finally, Bourne Lent Asset Management Inc. increased its position in Symbotic by 197.8% in the first quarter. Bourne Lent Asset Management Inc. now owns 57,210 shares of the company’s stock worth $1,307,000 after purchasing an additional 38,000 shares during the last quarter. Institutional investors own 50.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SYM. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Symbotic from $31.00 to $36.00 in a research report on Monday, May 22nd. Northland Securities boosted their price objective on shares of Symbotic from $35.00 to $45.00 and gave the company an “outperform” rating in a research report on Tuesday, July 25th. The Goldman Sachs Group boosted their price objective on shares of Symbotic from $32.00 to $53.00 and gave the company a “neutral” rating in a research report on Wednesday. Raymond James boosted their price objective on shares of Symbotic from $35.00 to $65.00 and gave the company an “outperform” rating in a research report on Tuesday, August 1st. Finally, UBS Group cut shares of Symbotic from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $34.00 to $40.00 in a research report on Thursday, June 29th. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $49.55.

Insider Buying and Selling

In other Symbotic news, major shareholder Svf Ii Spac Investment 3 (De) acquired 17,825,312 shares of the stock in a transaction that occurred on Sunday, July 23rd. The stock was bought at an average cost of $28.05 per share, with a total value of $500,000,001.60. Following the completion of the purchase, the insider now directly owns 17,825,312 shares in the company, valued at $500,000,001.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Symbotic news, insider Michael David Dunn sold 5,000 shares of the stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $27.58, for a total transaction of $137,900.00. Following the completion of the sale, the insider now directly owns 139,522 shares of the company’s stock, valued at $3,848,016.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Svf Ii Spac Investment 3 (De) purchased 17,825,312 shares of the firm’s stock in a transaction on Sunday, July 23rd. The shares were purchased at an average cost of $28.05 per share, with a total value of $500,000,001.60. Following the completion of the transaction, the insider now owns 17,825,312 shares of the company’s stock, valued at approximately $500,000,001.60. The disclosure for this purchase can be found here. Insiders sold a total of 17,876,767 shares of company stock valued at $501,752,086 over the last three months. 41.00% of the stock is owned by company insiders.

Symbotic Stock Down 7.5 %

NASDAQ:SYM opened at $53.61 on Friday. Symbotic Inc. has a 1-year low of $8.75 and a 1-year high of $64.14. The company has a 50-day moving average of $44.14 and a 200 day moving average of $29.67.

Symbotic (NASDAQ:SYM – Get Free Report) last released its quarterly earnings data on Monday, July 31st. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. Symbotic had a negative net margin of 2.25% and a negative return on equity of 57.19%. The company had revenue of $311.84 million during the quarter, compared to analyst estimates of $262.68 million. During the same period in the prior year, the firm earned ($0.01) earnings per share. As a group, analysts expect that Symbotic Inc. will post -0.46 EPS for the current fiscal year.

Symbotic Profile

(Free Report)

Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. The company offers Symbotic system, an end-to-end warehouse automation system for product distribution. It also designs, assemblies, and installs modular inventory management systems and performs configuration of embedded software.