K2 Principal Fund L.P. Has $281,000 Stock Position in Symbotic Inc. (NASDAQ:SYM)

K2 Principal Fund L.P. lifted its position in shares of Symbotic Inc. (NASDAQ:SYM) by 60.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,000 shares of the company’s stock after purchasing an additional 3,000 shares during the quarter. K2 Principal Fund L.P.’s holdings in Symbotic were worth $281,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of SYM. RiverPark Advisors LLC bought a new position in Symbotic during the first quarter worth about $37,000. Pingora Partners LLC acquired a new stake in Symbotic in the 4th quarter valued at $51,000. RFP Financial Group LLC grew its position in Symbotic by 22.4% in the second quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock valued at $59,000 after acquiring an additional 310 shares during the period. Natixis Investment Managers International acquired a new position in Symbotic during the first quarter worth $90,000. Finally, Van ECK Associates Corp lifted its holdings in shares of Symbotic by 109.5% during the second quarter. Van ECK Associates Corp now owns 2,723 shares of the company’s stock valued at $96,000 after acquiring an additional 1,423 shares during the period.

Symbotic Price Performance

Shares of NASDAQ:SYM opened at $23.52 on Tuesday. The stock has a market cap of $13.75 billion, a price-to-earnings ratio of -98.00 and a beta of 1.81. The company has a 50 day moving average of $25.29 and a 200-day moving average of $35.43. Symbotic Inc. has a one year low of $17.11 and a one year high of $59.82.

Symbotic (NASDAQ:SYM) last issued its 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 negative net margin of 1.03% and a positive return on equity of 4.08%. The business had revenue of $491.86 million for the quarter, compared to the consensus estimate of $464.56 million. During the same quarter in the previous year, the firm posted ($0.07) EPS. The business’s revenue was up 57.7% on a year-over-year basis. Equities research analysts anticipate that Symbotic Inc. will post -0.08 earnings per share for the current year.

Insider Buying and Selling at Symbotic

In other news, insider Michael David Dunn sold 2,000 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $40.00, for a total transaction of $80,000.00. Following the completion of the transaction, the insider now directly owns 74,808 shares in the company, valued at approximately $2,992,320. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Symbotic news, Director Todd Krasnow sold 17,000 shares of Symbotic stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $21.46, for a total transaction of $364,820.00. Following the transaction, the director now directly owns 214,036 shares in the company, valued at $4,593,212.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael David Dunn sold 2,000 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the sale, the insider now owns 74,808 shares of the company’s stock, valued at $2,992,320. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,909 shares of company stock valued at $1,148,358. 38.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on SYM. KeyCorp lowered their target price on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating on the stock in a 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 note on Tuesday, July 30th. Needham & Company LLC cut their target price on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. Vertical Research started coverage on Symbotic in a research report on Tuesday, July 23rd. They set a “hold” rating and a $45.00 price target on the stock. Finally, The Goldman Sachs Group cut their price objective on 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $43.23.

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.