Mirae Asset Global Investments Co. Ltd. Makes New Investment in Symbotic Inc. $SYM

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Symbotic Inc. (NASDAQ:SYM) in the 3rd quarter, HoldingsChannel reports. The fund purchased 20,128 shares of the company’s stock, valued at approximately $847,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vise Technologies Inc. acquired a new position in Symbotic during the third quarter worth $270,000. State of Wyoming grew its holdings in shares of Symbotic by 15.3% during the third quarter. State of Wyoming now owns 23,533 shares of the company’s stock valued at $990,000 after buying an additional 3,125 shares during the last quarter. Arta Finance Wealth Management LLC grew its holdings in shares of Symbotic by 7.4% during the third quarter. Arta Finance Wealth Management LLC now owns 31,382 shares of the company’s stock valued at $1,320,000 after buying an additional 2,163 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Symbotic by 554.2% during the third quarter. International Assets Investment Management LLC now owns 40,000 shares of the company’s stock valued at $1,683,000 after buying an additional 33,886 shares during the last quarter. Finally, D.A. Davidson & CO. increased its position in shares of Symbotic by 40.9% during the third quarter. D.A. Davidson & CO. now owns 12,848 shares of the company’s stock worth $541,000 after acquiring an additional 3,728 shares in the last quarter.

Insider Buying and Selling

In other news, CFO Izilda Martins sold 7,224 shares of the stock in a transaction dated Wednesday, October 28th. The shares were sold at an average price of $38.93, for a total value of $281,230.32. Following the completion of the sale, the chief financial officer owned 42,732 shares in the company, valued at $1,663,556.76. This represents a 14.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Charles Kane sold 2,000 shares of the firm’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $38.44, for a total transaction of $76,880.00. Following the transaction, the director directly owned 89,852 shares in the company, valued at $3,453,910.88. The trade was 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. Insiders have sold a total of 63,371 shares of company stock valued at $2,475,076 over the last 90 days. 8.16% of the stock is currently owned by company insiders.

Symbotic Stock Performance

Shares of NASDAQ:SYM opened at $36.82 on Monday. The stock has a market cap of $22.27 billion, a PE ratio of 409.11, a price-to-earnings-growth ratio of 3.48 and a beta of 2.06. The stock’s fifty day simple moving average is $40.92 and its two-hundred day simple moving average is $47.44. Symbotic Inc. has a 1-year low of $33.17 and a 1-year high of $87.88.

Analyst Upgrades and Downgrades

SYM has been the topic of a number of analyst reports. Weiss Ratings upgraded shares of Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, September 21st. Zacks Research raised shares of Symbotic from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 5th. Robert W. Baird set a $51.00 price target on Symbotic in a research note on Thursday, August 6th. Needham & Company LLC decreased their price objective on Symbotic from C$75.00 to C$60.00 and set a “buy” rating for the company in a report on Tuesday, September 15th. Finally, TD Cowen decreased their price objective on Symbotic from $75.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, October 22nd. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $65.83.

Symbotic Company Profile

Symbotic Inc develops and deploys automated systems for warehouses and distribution centers. Its technology combines software, artificial intelligence and robotics to help customers move and manage goods through facilities.

The company’s systems include high-density storage, autonomous mobile robots and automated solutions for tasks such as retrieving, sorting and building pallets of products. Symbotic also provides software to coordinate these operations and integrate them with customers’ supply-chain processes.

Founded in 2007 and headquartered in Wilmington, Massachusetts, Symbotic serves large retailers and other companies with high-volume distribution needs.