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

Symbotic Inc. (NASDAQ:SYM) – Research analysts at Northland Capmk reduced their FY2024 earnings per share estimates for shares of Symbotic in a report released on Monday, May 6th. Northland Capmk analyst M. Latimore now expects that the company will earn ($0.04) per share 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 posted its quarterly earnings results on Monday, February 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. The firm had revenue of $368.45 million for the quarter, compared to analysts’ expectations of $370.28 million. Symbotic had a negative return on equity of 35.06% and a negative net margin of 1.39%.

Other equities analysts have also recently issued research reports about the stock. KeyCorp cut their price objective on shares of Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 6th. William Blair reissued a “market perform” rating on shares of Symbotic in a research note on Tuesday, February 6th. DA Davidson upgraded Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Wednesday, February 7th. Craig Hallum boosted their price target on shares of Symbotic from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Northland Securities raised their price objective on shares of Symbotic from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Wednesday, April 10th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $55.69.

Symbotic Stock Down 7.5 %

Symbotic stock opened at $44.75 on Thursday. The company has a market capitalization of $25.82 billion, a PE ratio of -165.74 and a beta of 1.97. Symbotic has a 12-month low of $23.58 and a 12-month high of $64.14. The firm’s fifty day moving average is $43.40 and its 200 day moving average is $44.25.

Insider Activity

In other Symbotic news, major shareholder David A. Ladensohn sold 2,085,296 shares of Symbotic stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $39.69, for a total value of $82,765,398.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Symbotic news, major shareholder David A. Ladensohn sold 2,085,296 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $39.69, for a total value of $82,765,398.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Merline Saintil sold 3,135 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $44.74, for a total value of $140,259.90. Following the transaction, the director now directly owns 62,312 shares in the company, valued at approximately $2,787,838.88. 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 in the last ninety days. 38.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Symbotic

Several large investors have recently modified their holdings of SYM. Van ECK Associates Corp bought a new stake in shares of Symbotic during the 4th quarter valued at $26,000. Providence Capital Advisors LLC purchased a new position in Symbotic during the 3rd quarter valued at about $33,000. RiverPark Advisors LLC bought a new stake in shares of Symbotic during the first quarter valued at about $37,000. Global Retirement Partners LLC lifted its holdings in shares of Symbotic by 166.7% in the first quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock worth $48,000 after buying an additional 660 shares in the last quarter. Finally, Pingora Partners LLC bought a new position in shares of Symbotic in the fourth quarter valued at approximately $51,000.

Symbotic Company Profile

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.