Renaissance Technologies LLC Sells 190,900 Shares of Symbotic Inc. $SYM

Renaissance Technologies LLC trimmed its holdings in Symbotic Inc. (NASDAQ:SYM) by 21.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 714,800 shares of the company’s stock after selling 190,900 shares during the period. Renaissance Technologies LLC owned approximately 0.12% of Symbotic worth $38,027,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Symbotic by 47.6% in the fourth quarter. Vanguard Group Inc. now owns 6,932,158 shares of the company’s stock worth $412,463,000 after acquiring an additional 2,237,137 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Symbotic by 51,346.1% during the 4th quarter. JPMorgan Chase & Co. now owns 2,174,372 shares of the company’s stock valued at $129,375,000 after purchasing an additional 2,178,615 shares during the period. Morgan Stanley lifted its holdings in Symbotic by 85.4% during the 4th quarter. Morgan Stanley now owns 2,530,874 shares of the company’s stock worth $150,587,000 after purchasing an additional 1,165,513 shares in the last quarter. Ghisallo Capital Management LLC purchased a new stake in Symbotic during the 4th quarter worth about $63,034,000. Finally, Marshall Wace LLP bought a new position in Symbotic in the 4th quarter worth about $33,997,000.

Insider Buying and Selling

In other Symbotic news, CTO James Kuffner sold 3,878 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $53.51, for a total value of $207,511.78. Following the completion of the sale, the chief technology officer owned 185,126 shares in the company, valued at approximately $9,906,092.26. The trade was a 2.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Todd Krasnow sold 2,000 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $43.92, for a total value of $87,840.00. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 76,415 shares of company stock valued at $3,959,271. 8.16% of the stock is owned by insiders.

Symbotic Stock Up 3.3%

Shares of NASDAQ:SYM opened at $41.49 on Tuesday. The stock has a market cap of $25.01 billion, a PE ratio of -829.63, a PEG ratio of 5.92 and a beta of 1.93. The company’s fifty day moving average is $44.09 and its 200 day moving average is $52.17. Symbotic Inc. has a 52 week low of $38.19 and a 52 week high of $87.88.

Symbotic (NASDAQ:SYM) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.11). Symbotic had a negative net margin of 0.20% and a negative return on equity of 0.68%. The business had revenue of $676.48 million for the quarter, compared to analysts’ expectations of $662.65 million. During the same quarter in the previous year, the company earned ($0.04) earnings per share. The business’s quarterly revenue was up 23.1% on a year-over-year basis. Sell-side analysts anticipate that Symbotic Inc. will post 0.23 EPS for the current year.

Analysts Set New Price Targets

SYM has been the subject of a number of recent analyst reports. The Goldman Sachs Group reduced their target price on Symbotic from $54.00 to $45.00 and set a “sell” rating for the company in a report on Tuesday, May 26th. Weiss Ratings lowered shares of Symbotic from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 11th. DA Davidson reaffirmed a “buy” rating and set a $70.00 price objective on shares of Symbotic in a research note on Monday, May 11th. Finally, Zacks Research cut shares of Symbotic from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 7th. Seven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, Symbotic currently has a consensus rating of “Hold” and an average target price of $66.50.

About Symbotic

Symbotic Inc (NASDAQ: SYM) is a provider of advanced warehouse automation and robotics systems designed to improve throughput, space utilization and labor productivity in distribution centers and fulfillment operations. The company develops integrated hardware and software solutions that automate the storage, retrieval, sorting and palletizing of goods, positioning itself as a systems integrator for material handling challenges faced by large-scale retailers, wholesalers and third-party logistics providers.

Products and services typically include autonomous robotic vehicles and shuttle systems, automated storage-and-retrieval equipment, robotic picking and palletizing cells, conveyors and sortation, together with control and management software that coordinates fleet operations and inventory flow.