Ghisallo Capital Management LLC Trims Holdings in Symbotic Inc. (NASDAQ:SYM)

Ghisallo Capital Management LLC trimmed its holdings in shares of Symbotic Inc. (NASDAQ:SYM) by 50.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 50,000 shares of the company’s stock after selling 50,000 shares during the quarter. Ghisallo Capital Management LLC’s holdings in Symbotic were worth $1,758,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. RiverPark Advisors LLC purchased a new position in shares of Symbotic during the 1st quarter worth approximately $37,000. RFP Financial Group LLC raised its holdings in Symbotic by 22.4% in the 2nd quarter. RFP Financial Group LLC now owns 1,692 shares of the company’s stock worth $59,000 after purchasing an additional 310 shares during the period. Quarry LP bought a new position in Symbotic in the 2nd quarter worth $65,000. Natixis Investment Managers International bought a new position in Symbotic in the 1st quarter worth $90,000. Finally, Van ECK Associates Corp raised its holdings in Symbotic by 109.5% in the 2nd quarter. Van ECK Associates Corp now owns 2,723 shares of the company’s stock worth $96,000 after purchasing an additional 1,423 shares during the period.

Analyst Ratings Changes

SYM has been the subject of a number of analyst reports. Northland Securities cut their price target on Symbotic from $60.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, July 30th. The Goldman Sachs Group lowered their price target on shares of Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Wednesday, July 31st. KeyCorp lowered their price target on shares of Symbotic from $55.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, July 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research note on Tuesday, July 30th. Finally, Craig Hallum decreased their price objective on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.23.

Symbotic Stock Down 2.3 %

SYM stock opened at $23.83 on Wednesday. The company’s 50-day simple moving average is $23.46 and its 200-day simple moving average is $34.54. Symbotic Inc. has a 52-week low of $17.11 and a 52-week high of $59.82. The firm has a market cap of $13.95 billion, a P/E ratio of -99.29 and a beta of 1.81.

Symbotic (NASDAQ:SYM) last posted its earnings results on Monday, July 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). Symbotic had a positive return on equity of 4.08% and a negative net margin of 1.03%. The firm had revenue of $491.86 million for the quarter, compared to analysts’ expectations of $464.56 million. During the same period in the previous year, the company earned ($0.07) earnings per share. The company’s revenue was up 57.7% compared to the same quarter last year. On average, analysts anticipate that Symbotic Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the completion of the transaction, the director now owns 214,036 shares in the company, valued at approximately $4,013,175. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Symbotic news, insider Michael David Dunn sold 1,895 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $36.56, for a total value of $69,281.20. Following the completion of the sale, the insider now owns 77,326 shares in the company, valued at approximately $2,827,038.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total transaction of $37,500.00. Following the completion of the sale, the director now owns 214,036 shares of the company’s stock, valued at approximately $4,013,175. The disclosure for this sale can be found here. Insiders sold a total of 31,721 shares of company stock worth $893,256 in the last 90 days. Insiders own 38.30% of the company’s stock.

About Symbotic

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.