Symbotic Inc. Forecasted to Post Q3 2023 Earnings of ($0.01) Per Share (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM – Get Rating) – Stock analysts at William Blair issued their Q3 2023 earnings estimates for Symbotic in a research report issued on Monday, May 22nd. William Blair analyst R. Sparenblek forecasts that the company will post earnings of ($0.01) per share for the quarter. William Blair has a “Outperform” rating on the stock. The consensus estimate for Symbotic’s current full-year earnings is ($0.29) per share. William Blair also issued estimates for Symbotic’s Q4 2023 earnings at $0.00 EPS, FY2023 earnings at ($0.23) EPS, Q1 2024 earnings at $0.05 EPS, Q3 2024 earnings at $0.09 EPS, FY2024 earnings at $0.33 EPS and FY2025 earnings at $0.77 EPS.

Symbotic (NASDAQ:SYM – Get Rating) last released its quarterly earnings data on Monday, May 1st. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.04). The business had revenue of $266.85 million during the quarter, compared to analyst estimates of $224.82 million. Symbotic had a negative return on equity of 78.17% and a negative net margin of 2.26%. The business’s revenue for the quarter was up 177.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($5.61) EPS.

SYM has been the topic of a number of other reports. Needham & Company LLC lifted their price objective on shares of Symbotic from $25.00 to $31.00 in a research note on Tuesday, May 2nd. Raymond James lifted their target price on Symbotic from $23.00 to $35.00 in a report on Tuesday, May 2nd. Craig Hallum began coverage on Symbotic in a report on Monday, April 17th. They set a “buy” rating and a $35.00 target price on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on Symbotic from $31.00 to $36.00 in a research note on Monday. Finally, Cantor Fitzgerald lifted their price target on Symbotic from $24.00 to $35.00 and gave the stock an “overweight” rating in a research note on Thursday, April 20th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Symbotic currently has a consensus rating of “Moderate Buy” and an average price target of $28.77.

Symbotic Stock Performance

SYM stock opened at $32.20 on Wednesday. The stock has a market capitalization of $17.89 billion, a price-to-earnings ratio of -92.00 and a beta of 1.31. Symbotic has a 1 year low of $8.75 and a 1 year high of $32.44. The stock’s fifty day moving average is $25.91 and its two-hundred day moving average is $17.93.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in shares of Symbotic by 1,412.0% during the first quarter. JPMorgan Chase & Co. now owns 1,512 shares of the company’s stock worth $35,000 after buying an additional 1,412 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in shares of Symbotic during the fourth quarter valued at approximately $29,000. Arcadia Investment Management Corp MI bought a new stake in shares of Symbotic during the first quarter valued at approximately $58,000. Toronto Dominion Bank bought a new stake in shares of Symbotic during the fourth quarter valued at approximately $36,000. Finally, Householder Group Estate & Retirement Specialist LLC bought a new stake in Symbotic in the first quarter valued at $87,000. 57.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Michael David Dunn sold 12,593 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $16.71, for a total value of $210,429.03. Following the completion of the sale, the insider now directly owns 151,176 shares in the company, valued at approximately $2,526,150.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider Michael David Dunn sold 12,593 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $16.71, for a total value of $210,429.03. Following the completion of the sale, the insider now directly owns 151,176 shares in the company, valued at approximately $2,526,150.96. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Rollin L. Ford bought 8,000 shares of Symbotic stock in a transaction that occurred on Monday, May 15th. The stock was bought at an average price of $24.70 per share, with a total value of $197,600.00. Following the completion of the acquisition, the director now owns 8,000 shares in the company, valued at approximately $197,600. The disclosure for this purchase can be found here. Insiders sold a total of 33,747 shares of company stock worth $635,409 in the last three months. 41.00% of the stock is owned by insiders.

About Symbotic

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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. The company offers Symbotic system, an end-to-end warehouse automation system for product distribution. It also designs, assemblies, and installs modular inventory management systems and performs configuration of embedded software.