Equities Analysts Set Expectations for Symbotic Inc.’s Q2 2024 Earnings (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYMFree Report) – Stock analysts at Northland Capmk lowered their Q2 2024 earnings estimates for shares of Symbotic in a report issued on Monday, February 5th. Northland Capmk analyst M. Latimore now anticipates that the company will post earnings of ($0.03) per share for the quarter, down from their previous forecast of ($0.02). The consensus estimate for Symbotic’s current full-year earnings is ($0.03) per share. Northland Capmk also issued estimates for Symbotic’s Q4 2024 earnings at $0.05 EPS and FY2025 earnings at $0.35 EPS.

Symbotic (NASDAQ:SYMGet Free Report) last posted its quarterly earnings results on Monday, November 20th. The company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.02). The company had revenue of $391.89 million during the quarter, compared to the consensus estimate of $306.89 million. Symbotic had a negative net margin of 1.39% and a negative return on equity of 138.28%. The company’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same period last year, the firm posted ($0.10) earnings per share.

A number of other research analysts have also weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $60.00 price objective on shares of Symbotic in a research note on Tuesday. Robert W. Baird cut their price target on Symbotic from $54.00 to $52.00 and set an “outperform” rating for the company in a research note on Tuesday. William Blair reissued a “market perform” rating on shares of Symbotic in a research note on Tuesday. DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Wednesday. Finally, The Goldman Sachs Group lowered their price target on Symbotic from $51.00 to $44.00 and set a “neutral” rating for the company in a research report on Tuesday. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Symbotic has a consensus rating of “Moderate Buy” and a consensus target price of $52.85.

Check Out Our Latest Stock Report on Symbotic

Symbotic Stock Up 3.6 %

Shares of SYM opened at $39.28 on Thursday. The business’s fifty day moving average is $47.83 and its 200 day moving average is $42.67. Symbotic has a 12-month low of $14.14 and a 12-month high of $64.14. The stock has a market cap of $21.89 billion, a P/E ratio of -145.48 and a beta of 2.02.

Insiders Place Their Bets

In related news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction on Monday, February 5th. The shares were sold at an average price of $51.50, for a total transaction of $103,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, major shareholder David A. Ladensohn sold 20,000 shares of the firm’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $58.48, for a total transaction of $1,169,600.00. Following the completion of the transaction, the insider now directly owns 15,000 shares in the company, valued at $877,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Monday, February 5th. The stock was sold at an average price of $51.50, for a total transaction of $103,000.00. The disclosure for this sale can be found here. Insiders sold a total of 493,306 shares of company stock valued at $24,290,258 in the last quarter. Corporate insiders own 38.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SYM. Softbank Group CORP. boosted its position in shares of Symbotic by 1,000.0% during the first quarter. Softbank Group CORP. now owns 22,000,000 shares of the company’s stock valued at $502,480,000 after buying an additional 20,000,000 shares during the last quarter. Frontier Capital Management Co. LLC raised its holdings in shares of Symbotic by 202.3% during the first quarter. Frontier Capital Management Co. LLC now owns 1,041,144 shares of the company’s stock valued at $23,780,000 after purchasing an additional 696,727 shares during the last quarter. FMR LLC boosted its holdings in Symbotic by 759.7% in the first quarter. FMR LLC now owns 383,593 shares of the company’s stock worth $8,761,000 after purchasing an additional 338,975 shares during the last quarter. First Trust Advisors LP bought a new stake in Symbotic in the 1st quarter worth approximately $6,538,000. Finally, Driehaus Capital Management LLC bought a new position in shares of Symbotic in the second quarter worth about $11,484,000.

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. 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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Earnings History and Estimates for Symbotic (NASDAQ:SYM)

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