Symbotic (NASDAQ:SYM – Get Free Report) posted its earnings results on Monday. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.02), Briefing.com reports. The company had revenue of $391.89 million for the quarter, compared to analyst estimates of $306.89 million. Symbotic had a negative return on equity of 57.19% and a negative net margin of 2.25%. The firm’s revenue was up 60.3% on a year-over-year basis. During the same period last year, the business earned ($0.10) earnings per share. Symbotic updated its Q1 2024 guidance to EPS.
Symbotic Price Performance
Shares of NASDAQ:SYM opened at $37.16 on Tuesday. Symbotic has a 1 year low of $9.58 and a 1 year high of $64.14. The firm has a market capitalization of $20.66 billion, a PE ratio of -95.28 and a beta of 1.79. The business’s 50 day moving average price is $35.58 and its 200-day moving average price is $38.78.
Analyst Upgrades and Downgrades
SYM has been the topic of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $58.00 price objective on shares of Symbotic in a research note on Tuesday. Northland Securities lifted their price objective on shares of Symbotic from $35.00 to $45.00 and gave the company an “outperform” rating in a report on Tuesday, July 25th. William Blair lowered shares of Symbotic from an “outperform” rating to a “market perform” rating in a research note on Tuesday, August 1st. Craig Hallum lifted their price target on Symbotic from $48.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. Finally, Citigroup increased their price target on Symbotic from $52.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $50.00.
Insider Activity at Symbotic
In other news, insider William M. Boyd III sold 78,782 shares of the firm’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $39.65, for a total value of $3,123,706.30. Following the transaction, the insider now directly owns 40,818 shares of the company’s stock, valued at $1,618,433.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Symbotic news, insider Michael David Dunn sold 5,558 shares of the company’s stock in a transaction on Tuesday, October 3rd. The stock was sold at an average price of $31.21, for a total value of $173,465.18. Following the completion of the sale, the insider now directly owns 96,114 shares in the company, valued at approximately $2,999,717.94. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider William M. Boyd III sold 78,782 shares of the firm’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $39.65, for a total value of $3,123,706.30. Following the completion of the sale, the insider now directly owns 40,818 shares of the company’s stock, valued at $1,618,433.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 208,989 shares of company stock valued at $8,239,504. 41.00% of the stock is owned by insiders.
Institutional Investors Weigh In On Symbotic
A number of hedge funds have recently modified their holdings of the company. Rockefeller Capital Management L.P. purchased a new position in Symbotic during the fourth quarter worth about $29,000. JPMorgan Chase & Co. raised its position in shares of Symbotic by 1,412.0% during the 1st quarter. JPMorgan Chase & Co. now owns 1,512 shares of the company’s stock valued at $35,000 after buying an additional 1,412 shares during the period. Advisor Group Holdings Inc. lifted its holdings in Symbotic by 30.4% in the fourth quarter. Advisor Group Holdings Inc. now owns 4,299 shares of the company’s stock valued at $52,000 after acquiring an additional 1,002 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Symbotic by 23.2% in the second quarter. PNC Financial Services Group Inc. now owns 1,232 shares of the company’s stock worth $53,000 after acquiring an additional 232 shares during the period. Finally, Advisors Asset Management Inc. increased its stake in Symbotic by 62.6% during the third quarter. Advisors Asset Management Inc. now owns 2,232 shares of the company’s stock worth $75,000 after acquiring an additional 859 shares during the last quarter.
Symbotic Company Profile
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.
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