SlateStone Wealth Invests $248,000 in Symbotic Inc. Shares

SlateStone Wealth LLC has acquired a new stake in Symbotic Inc. (NASDAQ: SYM), investing approximately $248,000 in the second quarter of 2023. The firm purchased 6,395 shares of Symbotic’s stock, marking a significant addition to its portfolio. This investment comes as multiple institutional investors and hedge funds have also engaged in trading shares of the company.

During the same quarter, AdvisorNet Financial Inc. bought a new position in Symbotic valued at about $32,000, while Gables Capital Management Inc. followed suit with a purchase worth approximately $39,000. CWM LLC notably increased its holdings by 408.2% during the first quarter, now owning 2,602 shares valued at $53,000. Additionally, AlphaQuest LLC raised its stake by 318.5%, acquiring 2,800 shares valued at $57,000.

Insider Transactions and Stock Performance

Recent insider trading activity has also been noteworthy. On November 17, Maria G. Freve sold 1,666 shares at an average price of $58.18, totaling $96,927.88. Following this sale, Freve’s ownership decreased by 75.38%, leaving her with 544 shares valued at approximately $31,649.92. Another insider, William M. Boyd III, sold 11,735 shares on November 3 for $963,326.15, reducing his stake by 30.48% to 26,769 shares, valued at $2,197,467.21.

In total, insiders have sold 68,160 shares worth $4,761,942 over the past three months, with insiders currently owning 0.60% of the company’s stock.

Quarterly Results and Analyst Ratings

Symbotic reported its quarterly earnings on November 24, revealing a loss of ($0.03) earnings per share (EPS), which fell short of analysts’ consensus estimate of $0.08 by ($0.11). The company generated revenue of $618.46 million, exceeding expectations of $604.00 million. Despite a negative net margin of 0.75% and a return on equity of (4.04%), revenue increased by 9.5% year-over-year.

Looking ahead, analysts project Symbotic will post an EPS of $0.13 for the current fiscal year. Recent ratings from several research analysts reflect a mixed outlook. Baird R W downgraded Symbotic from a “strong-buy” to a “hold” rating, while Cantor Fitzgerald increased its price target from $60.00 to $82.00, maintaining an “overweight” rating. Barclays has set an “underweight” rating with a price objective of $41.00, while Zacks Research upgraded its rating to “hold.”

As it stands, five analysts have assigned a Buy rating to the stock, fourteen recommend holding, and three have issued a Sell rating. According to data from MarketBeat.com, Symbotic currently holds a consensus rating of “Hold” with an average target price of $52.13.

Symbotic Inc. is an automation technology company focused on enhancing operational efficiencies in warehouses by automating the processing of pallets and cases, thereby improving supply chain operations for retail companies. For those interested in the latest developments, further information can be found through various financial platforms that track insider trades and institutional holdings.