Mirae Asset Global Investments Co. Ltd. Buys New Position in Symbotic Inc. $SYM

Mirae Asset Global Investments Co. Ltd. bought a new stake in Symbotic Inc. (NASDAQ:SYM) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,128 shares of the company’s stock, valued at approximately $847,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Sei Investments Co. lifted its position in shares of Symbotic by 21.0% in the 1st quarter. Sei Investments Co. now owns 144,420 shares of the company’s stock worth $7,683,000 after purchasing an additional 25,024 shares during the period. Dimensional Fund Advisors LP raised its stake in Symbotic by 26.6% during the first quarter. Dimensional Fund Advisors LP now owns 109,015 shares of the company’s stock worth $5,789,000 after buying an additional 22,895 shares during the last quarter. Amundi raised its stake in Symbotic by 68.5% during the first quarter. Amundi now owns 108,553 shares of the company’s stock worth $5,775,000 after buying an additional 44,132 shares during the last quarter. Royal Bank of Canada lifted its holdings in Symbotic by 41.1% in the first quarter. Royal Bank of Canada now owns 100,018 shares of the company’s stock valued at $5,321,000 after buying an additional 29,152 shares during the period. Finally, Wealthfront Advisers LLC lifted its holdings in Symbotic by 168.1% in the first quarter. Wealthfront Advisers LLC now owns 71,248 shares of the company’s stock valued at $3,790,000 after buying an additional 44,676 shares during the period.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Weiss Ratings upgraded Symbotic from a “sell (d+)” rating to a “hold (c-)” rating in a report on Monday, September 21st. Barclays dropped their price objective on Symbotic from $44.00 to $38.00 and set an “underweight” rating on the stock in a research note on Tuesday, September 8th. Needham & Company LLC cut their target price on Symbotic from C$75.00 to C$60.00 and set a “buy” rating on the stock in a research report on Tuesday, September 15th. Robert W. Baird set a $51.00 target price on Symbotic in a research note on Thursday, August 6th. Finally, Zacks Research raised Symbotic from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 5th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $65.83.

Symbotic Price Performance

Symbotic stock opened at $36.82 on Monday. The company has a market capitalization of $22.27 billion, a PE ratio of 409.11, a PEG ratio of 3.48 and a beta of 2.06. Symbotic Inc. has a 12-month low of $33.17 and a 12-month high of $87.88. The firm’s fifty day moving average is $40.92 and its 200 day moving average is $47.44.

Insider Transactions at Symbotic

In other news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $38.46, for a total transaction of $76,920.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Charles Kane sold 2,000 shares of the stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $38.44, for a total transaction of $76,880.00. Following the transaction, the director directly owned 89,852 shares in the company, valued at $3,453,910.88. This trade represents a 2.18% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 63,371 shares of company stock valued at $2,475,076. 8.16% of the stock is owned by insiders.

Symbotic Company Profile

Symbotic Inc develops and deploys automated systems for warehouses and distribution centers. Its technology combines software, artificial intelligence and robotics to help customers move and manage goods through facilities.

The company’s systems include high-density storage, autonomous mobile robots and automated solutions for tasks such as retrieving, sorting and building pallets of products. Symbotic also provides software to coordinate these operations and integrate them with customers’ supply-chain processes.

Founded in 2007 and headquartered in Wilmington, Massachusetts, Symbotic serves large retailers and other companies with high-volume distribution needs.