Symbotic (NASDAQ:SYM) Issues Quarterly Earnings Results

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

Symbotic Stock Performance

Shares of SYM stock traded up $1.57 during trading hours on Wednesday, reaching $12.34. 6,031 shares of the company were exchanged, compared to its average volume of 142,127. Symbotic has a fifty-two week low of $8.75 and a fifty-two week high of $28.48. The business has a fifty day moving average price of $11.66. The firm has a market cap of $682.65 million, a P/E ratio of -1.17 and a beta of 1.24.

Analysts Set New Price Targets

SYM has been the topic of several recent analyst reports. UBS Group initiated coverage on shares of Symbotic in a report on Monday, September 19th. They issued a “buy” rating and a $17.00 target price on the stock. Needham & Company LLC dropped their price objective on shares of Symbotic from $21.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Symbotic from $19.00 to $20.00 in a report on Wednesday. Raymond James boosted their price objective on shares of Symbotic from $18.00 to $23.00 and gave the stock an “outperform” rating in a report on Tuesday, August 2nd. Finally, Robert W. Baird dropped their price objective on shares of Symbotic from $20.00 to $18.00 in a report on Tuesday. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $18.27.

Institutional Investors Weigh In On Symbotic

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

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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