ARK Investment Management LLC Purchases Shares of 190,067 Symbotic Inc. (NASDAQ:SYM)

ARK Investment Management LLC acquired a new stake in shares of Symbotic Inc. (NASDAQ:SYM) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 190,067 shares of the company’s stock, valued at approximately $4,506,000.

Other hedge funds also recently made changes to their positions in the company. IFP Advisors Inc lifted its holdings in shares of Symbotic by 58.2% during the fourth quarter. IFP Advisors Inc now owns 1,368 shares of the company’s stock valued at $32,000 after purchasing an additional 503 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Symbotic during the third quarter valued at about $49,000. RiverPark Advisors LLC boosted its holdings in shares of Symbotic by 147.1% in the third quarter. RiverPark Advisors LLC now owns 2,034 shares of the company’s stock worth $50,000 after buying an additional 1,211 shares during the period. Quest Partners LLC boosted its holdings in shares of Symbotic by 19,307.7% in the third quarter. Quest Partners LLC now owns 2,523 shares of the company’s stock worth $62,000 after buying an additional 2,510 shares during the period. Finally, Van ECK Associates Corp increased its position in shares of Symbotic by 28.4% in the third quarter. Van ECK Associates Corp now owns 3,497 shares of the company’s stock worth $85,000 after acquiring an additional 774 shares in the last quarter.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. TD Cowen raised their price objective on shares of Symbotic from $43.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. KeyCorp restated a “sector weight” rating on shares of Symbotic in a report on Wednesday, November 27th. Needham & Company LLC lowered their price target on Symbotic from $35.00 to $32.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. Oppenheimer began coverage on Symbotic in a research report on Wednesday, January 15th. They set an “outperform” rating and a $35.00 price target on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $60.00 price objective on shares of Symbotic in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $38.20.

Symbotic Stock Performance

NASDAQ:SYM opened at $23.72 on Thursday. The company has a market capitalization of $13.96 billion, a P/E ratio of -338.81, a P/E/G ratio of 6.48 and a beta of 1.79. The stock’s 50 day moving average price is $27.12 and its 200 day moving average price is $26.52. Symbotic Inc. has a 52 week low of $17.11 and a 52 week high of $50.40.

Symbotic (NASDAQ:SYM) last posted its earnings results on Wednesday, February 5th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. Symbotic had a negative net margin of 0.38% and a positive return on equity of 5.11%. As a group, sell-side analysts forecast that Symbotic Inc. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Symbotic news, insider Michael David Dunn sold 1,971 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $30.00, for a total transaction of $59,130.00. Following the completion of the sale, the insider now owns 22,301 shares of the company’s stock, valued at $669,030. This represents a 8.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rollin L. Ford sold 28,740 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $26.02, for a total value of $747,814.80. Following the transaction, the director now owns 10,447 shares in the company, valued at approximately $271,830.94. This trade represents a 73.34 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 137,854 shares of company stock worth $3,986,371. Corporate insiders own 0.60% of the company’s stock.

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.