Symbotic Inc. to Post Q1 2023 Earnings of ($0.04) Per Share, William Blair Forecasts (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYMGet Rating) – Research analysts at William Blair cut their Q1 2023 earnings per share estimates for Symbotic in a research report issued to clients and investors on Tuesday, November 22nd. William Blair analyst R. Sparenblek now expects that the company will earn ($0.04) per share for the quarter, down from their prior forecast of ($0.02). The consensus estimate for Symbotic’s current full-year earnings is ($0.01) per share. William Blair also issued estimates for Symbotic’s Q2 2023 earnings at ($0.03) EPS, Q3 2023 earnings at ($0.02) EPS, FY2023 earnings at ($0.09) EPS, FY2024 earnings at $0.20 EPS and FY2025 earnings at $0.65 EPS.

Symbotic (NASDAQ:SYMGet Rating) last released its quarterly earnings results on Monday, November 21st. The company reported ($0.04) EPS for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Symbotic had a negative return on equity of 558.47% and a negative net margin of 10.08%.

A number of other research firms have also commented on SYM. DA Davidson set a $20.00 price target on Symbotic in a research report on Thursday. Deutsche Bank Aktiengesellschaft increased their price target on Symbotic from $19.00 to $20.00 in a research report on Wednesday. Northland Securities increased their price target on Symbotic from $16.00 to $20.00 in a research report on Tuesday, August 2nd. The Goldman Sachs Group reduced their price objective on Symbotic from $13.00 to $10.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Citigroup reduced their price objective on Symbotic from $21.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Symbotic presently has an average rating of “Moderate Buy” and an average price target of $18.42.

Symbotic Price Performance

NASDAQ SYM opened at $12.22 on Thursday. The stock has a market cap of $676.01 million, a price-to-earnings ratio of -1.15 and a beta of 1.24. The company has a fifty day moving average of $11.63. Symbotic has a 12 month low of $8.75 and a 12 month high of $28.48.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new position in Symbotic in the 3rd quarter worth about $181,000. Alpha Paradigm Partners LLC bought a new position in Symbotic in the 3rd quarter worth about $554,000. Tanaka Capital Management Inc. bought a new position in Symbotic in the 3rd quarter worth about $805,000. Saba Capital Management L.P. boosted its stake in Symbotic by 458.4% in the 3rd quarter. Saba Capital Management L.P. now owns 2,791,828 shares of the company’s stock worth $27,779,000 after purchasing an additional 2,291,828 shares during the period. Finally, New York State Common Retirement Fund bought a new position in Symbotic in the 3rd quarter worth about $225,000.

Symbotic Company Profile

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Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. It offers The Symbotic System, a full-service warehouse automation system that reduces costs, improves efficiency, and maximizes inventory. The company is based in Wilmington, Massachusetts.

See Also

Earnings History and Estimates for Symbotic (NASDAQ:SYM)

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