Van ECK Associates Corp Buys 774 Shares of Symbotic Inc. (NASDAQ:SYM)

Van ECK Associates Corp grew its stake in shares of Symbotic Inc. (NASDAQ:SYM) by 28.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,497 shares of the company’s stock after acquiring an additional 774 shares during the period. Van ECK Associates Corp’s holdings in Symbotic were worth $85,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Symbotic by 16.6% in the 1st quarter. Vanguard Group Inc. now owns 2,426,420 shares of the company’s stock worth $109,189,000 after buying an additional 345,386 shares during the period. Canada Pension Plan Investment Board boosted its holdings in Symbotic by 191.5% in the 2nd quarter. Canada Pension Plan Investment Board now owns 775,900 shares of the company’s stock worth $27,281,000 after buying an additional 509,700 shares during the period. Blair William & Co. IL boosted its holdings in Symbotic by 418.1% in the 1st quarter. Blair William & Co. IL now owns 33,365 shares of the company’s stock worth $1,501,000 after buying an additional 26,925 shares during the period. Comerica Bank lifted its stake in Symbotic by 1,347.0% in the 1st quarter. Comerica Bank now owns 16,641 shares of the company’s stock worth $749,000 after purchasing an additional 15,491 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in Symbotic by 6,694.5% in the 2nd quarter. Millennium Management LLC now owns 335,649 shares of the company’s stock worth $11,801,000 after purchasing an additional 330,709 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SYM. TD Cowen lowered their target price on shares of Symbotic from $55.00 to $43.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Needham & Company LLC lowered their target price on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, July 30th. Robert W. Baird lowered their target price on shares of Symbotic from $53.00 to $41.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 31st. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Symbotic from $58.00 to $59.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Finally, Craig Hallum lowered their price objective on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating on the stock in a research report on Tuesday, July 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Symbotic currently has an average rating of “Moderate Buy” and an average price target of $43.23.

Symbotic Stock Down 8.2 %

Shares of NASDAQ:SYM opened at $31.49 on Thursday. The stock has a market cap of $18.44 billion, a PE ratio of -165.74 and a beta of 1.81. The company’s fifty day moving average is $26.02 and its 200 day moving average is $31.34. Symbotic Inc. has a 52 week low of $17.11 and a 52 week high of $59.82.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the sale, the director now owns 214,036 shares of the company’s stock, valued at $4,013,175. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $18.75, for a total value of $37,500.00. Following the sale, the director now owns 214,036 shares of the company’s stock, valued at $4,013,175. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Carol J. Hibbard sold 22,821 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $28.96, for a total transaction of $660,896.16. Following the completion of the sale, the chief financial officer now directly owns 34,188 shares in the company, valued at approximately $990,084.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 49,878 shares of company stock worth $1,378,056 in the last 90 days. 38.30% of the stock is owned by company insiders.

Symbotic 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.