Research Analysts Set Expectations for Symbotic Inc.'s FY2024 Earnings (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM - Free Report) - Investment analysts at Northland Capmk lowered their FY2024 earnings per share estimates for Symbotic in a research report issued to clients and investors on Monday, May 6th. Northland Capmk analyst M. Latimore now forecasts that the company will post earnings of ($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 - Get Free Report) last posted its quarterly earnings results on Monday, February 5th. The company reported ($0.02) EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $368.45 million during the quarter, compared to analyst estimates of $370.28 million.

Several other brokerages have also recently weighed in on SYM. Needham & Company LLC reiterated a "buy" rating and set a $54.00 price target on shares of Symbotic in a research report on Tuesday. Cantor Fitzgerald reissued an "overweight" rating and issued a $60.00 price target on shares of Symbotic in a report on Tuesday, February 6th. William Blair reaffirmed a "market perform" rating on shares of Symbotic in a report on Tuesday, February 6th. The Goldman Sachs Group lowered their price objective on Symbotic from $51.00 to $44.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 6th. Finally, Craig Hallum boosted their target price on Symbotic from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Wednesday. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Symbotic has an average rating of "Moderate Buy" and a consensus target price of $55.69.

Symbotic Stock Down 7.5 %

Shares of NASDAQ:SYM traded down $3.61 during midday trading on Thursday, reaching $44.75. 1,675,838 shares of the company traded hands, compared to its average volume of 1,435,682. Symbotic has a 12 month low of $23.58 and a 12 month high of $64.14. The firm's fifty day moving average price is $43.40 and its two-hundred day moving average price is $44.25. The firm has a market capitalization of $25.82 billion, a price-to-earnings ratio of -165.74 and a beta of 1.97.

Insider Transactions at Symbotic

In other Symbotic news, major shareholder David A. Ladensohn sold 2,085,296 shares of the business's stock in a transaction that occurred 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Richard B. Cohen sold 5,000,000 shares of the business's stock in a transaction dated 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 filing with the SEC, which is accessible through this link. Also, major shareholder David A. Ladensohn sold 2,085,296 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,110,447 shares of company stock worth $275,410,529. Company insiders own 38.30% of the company's stock.

Hedge Funds Weigh In On Symbotic

Several hedge funds have recently made changes to their positions in the business. RFP Financial Group LLC boosted its holdings in Symbotic by 21.2% in the first quarter. RFP Financial Group LLC now owns 1,382 shares of the company's stock valued at $62,000 after acquiring an additional 242 shares in the last quarter. Blair William & Co. IL boosted its stake in shares of Symbotic by 418.1% during the 1st quarter. Blair William & Co. IL now owns 33,365 shares of the company's stock valued at $1,501,000 after purchasing an additional 26,925 shares in the last quarter. Avantax Advisory Services Inc. increased its position in shares of Symbotic by 48.0% during the first quarter. Avantax Advisory Services Inc. now owns 9,737 shares of the company's stock valued at $438,000 after buying an additional 3,160 shares during the period. Swiss National Bank increased its position in shares of Symbotic by 3.4% during the first quarter. Swiss National Bank now owns 33,000 shares of the company's stock valued at $1,485,000 after buying an additional 1,100 shares during the period. Finally, Zevenbergen Capital Investments LLC raised its stake in Symbotic by 1,826.2% in the first quarter. Zevenbergen Capital Investments LLC now owns 361,167 shares of the company's stock worth $16,253,000 after buying an additional 342,417 shares in the last quarter.

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.