Brokers Issue Forecasts for Symbotic Inc.’s Q3 2024 Earnings (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM) – Investment analysts at William Blair cut their Q3 2024 earnings per share estimates for Symbotic in a research note issued on Tuesday, May 7th. William Blair analyst R. Sparenblek now expects that the company will earn ($0.05) per share for the quarter, down from their prior estimate of $0.01. William Blair has a “Market Perform” rating on the stock. The consensus estimate for Symbotic’s current full-year earnings is ($0.03) per share. William Blair also issued estimates for Symbotic’s Q4 2024 earnings at ($0.04) EPS, FY2024 earnings at ($0.18) EPS and FY2025 earnings at $0.11 EPS.

Symbotic (NASDAQ:SYM) last announced its quarterly earnings data on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The business had revenue of $368.45 million for the quarter, compared to analysts’ expectations of $370.28 million.

Other equities research analysts have also recently issued reports about the company. DA Davidson raised Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Wednesday, February 7th. Craig Hallum boosted their price objective on shares of Symbotic from $55.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and issued a $54.00 target price on shares of Symbotic in a report on Tuesday. Robert W. Baird boosted their target price on Symbotic from $52.00 to $53.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Symbotic from $57.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Symbotic currently has an average rating of “Moderate Buy” and a consensus price target of $55.69.

Symbotic Stock Down 7.5 %

Shares of SYM opened at $44.75 on Thursday. Symbotic has a 52 week low of $23.58 and a 52 week high of $64.14. The stock has a market cap of $25.82 billion, a P/E ratio of -165.74 and a beta of 1.97. The business’s 50 day moving average price is $43.40 and its 200-day moving average price is $44.25.

Hedge Funds Weigh In On Symbotic

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

Insider Buying and Selling

In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other 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 value of $191,600,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Merline Saintil sold 3,135 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $44.74, for a total value of $140,259.90. Following the sale, the director now owns 62,312 shares of the company’s stock, valued at approximately $2,787,838.88. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,110,447 shares of company stock valued at $275,410,529. 38.30% of the stock is owned by company insiders.

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.