Symbotic Inc. Forecasted to Earn FY2024 Earnings of $0.23 Per Share (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYMGet Rating) – Northland Capmk cut their FY2024 earnings estimates for shares of Symbotic in a report released on Monday, November 21st. Northland Capmk analyst M. Latimore now expects that the company will earn $0.23 per share for the year, down from their prior estimate of $0.28. The consensus estimate for Symbotic’s current full-year earnings is ($0.01) per share.

A number of other brokerages also recently issued reports on SYM. Needham & Company LLC dropped their price target on shares of Symbotic from $21.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday. UBS Group assumed coverage on shares of Symbotic in a research note on Monday, September 19th. They set a “buy” rating and a $17.00 target price on the stock. Raymond James raised their target price on shares of Symbotic from $18.00 to $23.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 2nd. Northland Securities raised their target price on shares of Symbotic from $16.00 to $20.00 in a research note on Tuesday, August 2nd. Finally, The Goldman Sachs Group reduced their price objective on shares of Symbotic from $13.00 to $10.00 and set a “neutral” rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.27.

Symbotic Stock Up 13.5 %

Shares of NASDAQ SYM opened at $12.22 on Thursday. The stock has a fifty day moving average of $11.65. The company has a market cap of $676.01 million, a price-to-earnings ratio of -1.15 and a beta of 1.24. Symbotic has a 12 month low of $8.75 and a 12 month high of $28.48.

Symbotic (NASDAQ:SYMGet Rating) last posted 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 net margin of 10.08% and a negative return on equity of 558.47%.

Institutional Investors Weigh In On Symbotic

Large investors have recently bought and sold shares of the company. Altshuler Shaham Ltd purchased a new stake in Symbotic in the 3rd quarter worth approximately $50,000. Bank of New York Mellon Corp acquired a new position in Symbotic in the 3rd quarter valued at $181,000. Navis Wealth Advisors LLC raised its stake in Symbotic by 2.6% in the 3rd quarter. Navis Wealth Advisors LLC now owns 754,698 shares of the company’s stock valued at $8,679,000 after purchasing an additional 19,310 shares during the last quarter. UBS Group AG acquired a new position in Symbotic in the 3rd quarter valued at $224,000. Finally, New York State Common Retirement Fund acquired a new position in Symbotic in the 3rd quarter valued at $225,000.

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. 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.

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Earnings History and Estimates for Symbotic (NASDAQ:SYM)

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