Renaissance Technologies LLC Reduces Stake in Symbotic Inc. $SYM

Renaissance Technologies LLC decreased its holdings in Symbotic Inc. (NASDAQ:SYM) by 21.1% in the first quarter, HoldingsChannel.com reports. The fund owned 714,800 shares of the company’s stock after selling 190,900 shares during the period. Renaissance Technologies LLC’s holdings in Symbotic were worth $38,027,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Parkside Financial Bank & Trust raised its holdings in Symbotic by 100.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 536 shares of the company’s stock worth $32,000 after purchasing an additional 268 shares in the last quarter. Quarry LP purchased a new stake in shares of Symbotic in the 4th quarter worth about $36,000. Parallel Advisors LLC boosted its stake in shares of Symbotic by 67.3% during the 4th quarter. Parallel Advisors LLC now owns 619 shares of the company’s stock valued at $37,000 after purchasing an additional 249 shares in the last quarter. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Symbotic during the fourth quarter valued at about $48,000. Finally, NewEdge Advisors LLC increased its position in shares of Symbotic by 81.5% during the second quarter. NewEdge Advisors LLC now owns 1,276 shares of the company’s stock valued at $50,000 after buying an additional 573 shares during the period.

Insider Buying and Selling

In other Symbotic news, insider William M. Boyd III sold 5,115 shares of the business’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $45.15, for a total value of $230,942.25. Following the sale, the insider directly owned 57,112 shares of the company’s stock, valued at approximately $2,578,606.80. The trade was a 8.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Charles Kane sold 2,000 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $44.90, for a total value of $89,800.00. Following the completion of the sale, the director directly owned 89,852 shares in the company, valued at approximately $4,034,354.80. This represents a 2.18% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 76,415 shares of company stock valued at $3,959,271. 8.16% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

SYM has been the subject of several research analyst reports. Weiss Ratings lowered shares of Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 11th. DA Davidson reiterated a “buy” rating and set a $70.00 target price on shares of Symbotic in a report on Monday, May 11th. Zacks Research lowered Symbotic from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 7th. Finally, The Goldman Sachs Group dropped their price target on Symbotic from $54.00 to $45.00 and set a “sell” rating on the stock in a research report on Tuesday, May 26th. Seven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $66.50.

Symbotic Price Performance

Shares of NASDAQ SYM opened at $41.49 on Tuesday. Symbotic Inc. has a 1 year low of $38.19 and a 1 year high of $87.88. The stock has a market cap of $25.01 billion, a P/E ratio of -829.63, a price-to-earnings-growth ratio of 5.92 and a beta of 1.93. The firm has a 50-day moving average of $44.09 and a 200 day moving average of $52.17.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.11). Symbotic had a negative return on equity of 0.68% and a negative net margin of 0.20%.The business had revenue of $676.48 million during the quarter, compared to analysts’ expectations of $662.65 million. During the same quarter last year, the company posted ($0.04) EPS. Symbotic’s revenue for the quarter was up 23.1% compared to the same quarter last year. Research analysts expect that Symbotic Inc. will post 0.23 earnings per share for the current fiscal year.

About Symbotic

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.