Symbotic (NASDAQ:SYM) Announces Quarterly Earnings Results

Symbotic (NASDAQ:SYMGet Rating) issued its quarterly earnings data on Monday. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.05) by $0.01, MarketWatch Earnings reports. Symbotic had a negative return on equity of 558.47% and a negative net margin of 10.08%.

Symbotic Stock Performance

SYM stock opened at $10.77 on Wednesday. Symbotic has a 52-week low of $8.75 and a 52-week high of $28.48. The stock has a market cap of $595.80 million, a price-to-earnings ratio of -1.01 and a beta of 1.24. The stock’s 50-day moving average price is $11.66.

Institutional Trading of Symbotic

A number of institutional investors and hedge funds have recently made changes to their positions in SYM. BlackRock Inc. lifted its stake in Symbotic by 325.5% in the 3rd quarter. BlackRock Inc. now owns 170,213 shares of the company’s stock valued at $1,958,000 after buying an additional 130,213 shares in the last quarter. Vanguard Group Inc. purchased a new position in shares of Symbotic in the third quarter valued at approximately $1,523,000. JPMorgan Chase & Co. acquired a new stake in shares of Symbotic in the second quarter worth approximately $534,000. State Street Corp acquired a new stake in shares of Symbotic in the third quarter worth approximately $325,000. Finally, UBS Group AG acquired a new position in Symbotic in the 3rd quarter valued at $224,000.

Analyst Ratings Changes

SYM has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Symbotic from $19.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. The Goldman Sachs Group dropped their price objective on shares of Symbotic from $19.00 to $13.00 and set a “neutral” rating on the stock in a report on Tuesday, October 11th. Robert W. Baird reduced their target price on Symbotic from $20.00 to $18.00 in a research note on Tuesday. Needham & Company LLC cut their price objective on Symbotic from $21.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Northland Securities lifted their target price on Symbotic from $16.00 to $20.00 in a report on Tuesday, August 2nd. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $18.73.

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. 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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