Symbotic Stock: Walmart Discloses It Holds a Stake in AI Company

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Symbotic

shares finished lower Tuesday after

Walmart

disclosed it holds a stake of 11.1% in the artificial intelligence supply chain technology company.

Symbotic

(ticker: SYM) shares fell 7.4% to $15.56 on Tuesday. They rose to as high as $28.48, a new 52-week high, during the session.

Walmart

(WMT) rose 3.3% on the day.

In a regulatory filing, Walmart disclosed it owns 15 million Class A shares of Symbotic.

In late May, it was announced that Symbotic’s robotics and software automation platform would be installed in all 42 of Walmart’s regional distribution centers. Previously, the agreement was for 25 regional distribution centers.

Symbotic went public earlier this month in a merger with SVF Investment Corp. 3, a SPAC company.

Corrections & Amplifications:

Walmart disclosed in a regulatory filing that it held a stake of 11.1% in Symbotic. A version of this article published Tuesday stated that Walmart owned a 62.2% stake in the artificial intelligence supply chain technology company.  

Write to Joe Woelfel at [email protected]