Symbotic Inc. to Post FY2024 Earnings of ($0.04) Per Share, Northland Capmk Forecasts (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM) – Investment analysts at Northland Capmk reduced their FY2024 earnings estimates for shares of Symbotic in a note issued to investors on Monday, May 6th. Northland Capmk analyst M. Latimore now expects that the company will post earnings per share of ($0.04) for the year, down from their previous forecast of $0.01. The consensus estimate for Symbotic’s current full-year earnings is ($0.03) per share.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.03. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%. The business had revenue of $368.45 million for the quarter, compared to the consensus estimate of $370.28 million.

SYM has been the topic of several other research reports. Robert W. Baird boosted their target price on shares of Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft raised their price objective on Symbotic from $57.00 to $58.00 and gave the company a “buy” rating in a research report on Tuesday. William Blair restated a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. Craig Hallum upped their price objective on Symbotic from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, KeyCorp cut their target price on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating for the company in a report on Tuesday, February 6th. Three equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $55.69.

Symbotic Trading Up 4.0 %

Shares of SYM opened at $48.36 on Thursday. Symbotic has a 12-month low of $23.58 and a 12-month high of $64.14. The company has a market capitalization of $27.91 billion, a PE ratio of -179.11 and a beta of 1.97. The business’s 50 day moving average is $43.30 and its 200 day moving average is $44.25.

Insiders Place Their Bets

In other news, insider Michael David Dunn sold 1,747 shares of the company’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $40.08, for a total value of $70,019.76. Following the transaction, the insider now directly owns 74,032 shares in the company, valued at $2,967,202.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction on Monday, February 26th. The stock was sold at an average price of $38.32, for a total transaction of $191,600,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael David Dunn sold 1,747 shares of the stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $40.08, for a total value of $70,019.76. Following the transaction, the insider now directly owns 74,032 shares in the company, valued at approximately $2,967,202.56. The disclosure for this sale can be found here. Insiders sold a total of 7,110,447 shares of company stock valued at $275,410,529 over the last 90 days. Insiders own 38.30% of the company’s stock.

Institutional Trading of Symbotic

Institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC boosted its position in Symbotic by 195.5% during the 3rd quarter. Barclays PLC now owns 8,008 shares of the company’s stock valued at $268,000 after acquiring an additional 5,298 shares in the last quarter. Aigen Investment Management LP bought a new stake in Symbotic during the third quarter valued at about $545,000. LPL Financial LLC grew its stake in Symbotic by 578.0% in the third quarter. LPL Financial LLC now owns 102,059 shares of the company’s stock valued at $3,412,000 after purchasing an additional 87,006 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in Symbotic by 176.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 75,527 shares of the company’s stock valued at $2,525,000 after purchasing an additional 48,214 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in Symbotic in the third quarter worth about $1,101,000.

About Symbotic

Symbotic Inc, an automation technology company, engages in developing technologies to improve operating efficiencies in modern warehouses. The company automates the processing of pallets and cases in large warehouses or distribution centers for retail companies. Its systems enhance operations at the front end of the supply chain.