Symbotic (NASDAQ:SYM) Announces Quarterly Earnings Results

Symbotic (NASDAQ:SYM) issued its quarterly earnings results on Monday. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04), Briefing.com reports. Symbotic had a positive return on equity of 5.05% and a negative net margin of 1.03%. The business had revenue of $491.86 million for the quarter, compared to analysts’ expectations of $464.56 million. During the same quarter last year, the company earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 57.7% on a year-over-year basis. Symbotic updated its Q4 2024 guidance to EPS.

Symbotic Stock Performance

NASDAQ:SYM traded down $1.14 during mid-day trading on Thursday, reaching $25.67. The stock had a trading volume of 998,819 shares, compared to its average volume of 1,425,078. The firm has a market capitalization of $15.01 billion, a price-to-earnings ratio of -111.70 and a beta of 1.87. The business has a 50 day simple moving average of $36.93 and a 200 day simple moving average of $41.06. Symbotic has a twelve month low of $25.50 and a twelve month high of $62.37.

Insider Buying and Selling

In other Symbotic news, Director Todd Krasnow sold 2,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $40.92, for a total transaction of $81,840.00. Following the transaction, the director now directly owns 214,036 shares in the company, valued at $8,758,353.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Todd Krasnow sold 2,000 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $40.92, for a total value of $81,840.00. Following the completion of the transaction, the director now owns 214,036 shares in the company, valued at $8,758,353.12. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, major shareholder David A. Ladensohn sold 50,000 shares of Symbotic stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $40.89, for a total value of $2,044,500.00. The disclosure for this sale can be found here. Insiders have sold 150,107 shares of company stock valued at $5,950,707 over the last quarter. Company insiders own 38.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Citigroup reduced their price target on Symbotic from $62.00 to $49.00 and set a “buy” rating on the stock in a research report on Tuesday. Craig Hallum decreased their price target on shares of Symbotic from $54.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday. Northland Securities dropped their price objective on shares of Symbotic from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday. Needham & Company LLC lowered their target price on shares of Symbotic from $54.00 to $40.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, The Goldman Sachs Group lowered their price objective on Symbotic from $40.00 to $30.00 and set a “neutral” rating for the company in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.79.

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.