Hodges Capital Management Inc. Cuts Stake in Symbotic Inc. (NASDAQ:SYM)

Hodges Capital Management Inc. lessened its stake in Symbotic Inc. (NASDAQ:SYM) by 6.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 253,730 shares of the company’s stock after selling 17,006 shares during the quarter. Hodges Capital Management Inc.’s holdings in Symbotic were worth $6,188,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of SYM. Baillie Gifford & Co. raised its holdings in shares of Symbotic by 32.0% during the 3rd quarter. Baillie Gifford & Co. now owns 14,070,999 shares of the company’s stock worth $343,192,000 after acquiring an additional 3,410,050 shares in the last quarter. Canada Pension Plan Investment Board increased its position in Symbotic by 191.5% in the second quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after purchasing an additional 509,700 shares during the last quarter. Exchange Traded Concepts LLC raised its stake in Symbotic by 76.8% during the third quarter. Exchange Traded Concepts LLC now owns 873,987 shares of the company’s stock valued at $21,317,000 after purchasing an additional 379,726 shares in the last quarter. Millennium Management LLC lifted its position in Symbotic by 6,694.5% during the second quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock valued at $11,801,000 after purchasing an additional 330,709 shares during the last quarter. Finally, Thematics Asset Management grew its stake in shares of Symbotic by 30.1% in the 3rd quarter. Thematics Asset Management now owns 1,048,170 shares of the company’s stock worth $25,565,000 after buying an additional 242,661 shares in the last quarter.

Insider Buying and Selling

In other Symbotic news, insider Michael David Dunn sold 5,266 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $23.81, for a total transaction of $125,383.46. Following the sale, the insider now directly owns 85,224 shares in the company, valued at $2,029,183.44. This represents a 5.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of Symbotic stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the transaction, the chief financial officer now owns 34,188 shares of the company’s stock, valued at $990,084.48. This trade represents a 40.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 47,878 shares of company stock valued at $1,340,556. Company insiders own 38.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on SYM. Needham & Company LLC decreased their price target on Symbotic from $46.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, November 27th. KeyCorp reissued a “sector weight” rating on shares of Symbotic in a research note on Wednesday, November 27th. BWS Financial reaffirmed a “sell” rating and set a $10.00 price target on shares of Symbotic in a research note on Tuesday, November 19th. DA Davidson lowered shares of Symbotic from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $50.00 to $35.00 in a research report on Wednesday, November 27th. Finally, William Blair restated a “market perform” rating on shares of Symbotic in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $42.54.

Symbotic Stock Performance

SYM stock opened at $27.95 on Friday. The firm has a 50-day simple moving average of $29.22 and a two-hundred day simple moving average of $29.88. The firm has a market cap of $16.37 billion, a price-to-earnings ratio of -465.83 and a beta of 1.73. Symbotic Inc. has a one year low of $17.11 and a one year high of $58.28.

Symbotic (NASDAQ:SYM) last released its quarterly earnings data on Monday, November 18th. The company reported $0.05 EPS for the quarter, meeting analysts’ consensus estimates of $0.05. Symbotic had a positive return on equity of 6.54% and a negative net margin of 0.32%. The firm had revenue of $576.77 million for the quarter, compared to analysts’ expectations of $470.24 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. The firm’s quarterly revenue was up 47.2% on a year-over-year basis. As a group, equities analysts predict that Symbotic Inc. will post 0.14 earnings per share for the current fiscal year.

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.