Symbotic (NASDAQ:SYM – Get Rating) released its quarterly earnings results on Monday. The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.07), Briefing.com reports. The firm had revenue of $206.30 million for the quarter, compared to the consensus estimate of $193.70 million. Symbotic had a negative return on equity of 155.84% and a negative net margin of 6.08%. The firm's revenue was up 167.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($4.88) EPS. Symbotic updated its Q2 2023 guidance to EPS.
Symbotic Price Performance
Symbotic stock opened at $15.65 on Wednesday. Symbotic has a fifty-two week low of $8.75 and a fifty-two week high of $28.48. The firm's 50 day simple moving average is $12.55 and its 200-day simple moving average is $13.03. The company has a market cap of $8.67 billion, a P/E ratio of -2.67 and a beta of 0.96.
Get Symbotic alerts:Insider Activity at Symbotic
In other Symbotic news, insider Michael David Dunn sold 5,000 shares of Symbotic stock in a transaction that occurred on Wednesday, December 7th. The shares were sold at an average price of $11.33, for a total transaction of $56,650.00. Following the transaction, the insider now directly owns 144,939 shares in the company, valued at approximately $1,642,158.87. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 41.00% of the stock is owned by insiders.
Hedge Funds Weigh In On Symbotic
Several institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp acquired a new stake in shares of Symbotic during the third quarter worth approximately $181,000. UBS Group AG purchased a new stake in Symbotic in the 3rd quarter worth approximately $224,000. State Street Corp purchased a new position in shares of Symbotic during the 3rd quarter valued at $325,000. JPMorgan Chase & Co. purchased a new stake in shares of Symbotic during the second quarter worth $534,000. Finally, Vanguard Group Inc. acquired a new stake in Symbotic during the third quarter valued at $1,523,000. Hedge funds and other institutional investors own 57.76% of the company's stock.Analysts Set New Price Targets
SYM has been the subject of a number of recent analyst reports. Robert W. Baird set a $18.00 price objective on Symbotic in a report on Tuesday, November 22nd. Deutsche Bank Aktiengesellschaft increased their price target on Symbotic from $20.00 to $22.00 in a research note on Tuesday. Needham & Company LLC lifted their price objective on shares of Symbotic from $17.00 to $18.00 and gave the company a "buy" rating in a research note on Tuesday. The Goldman Sachs Group increased their target price on shares of Symbotic from $10.00 to $14.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, DA Davidson set a $20.00 price target on shares of Symbotic in a research report on Thursday, November 24th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $19.00.
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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