Northland Capmk Weighs in on Symbotic Inc.’s FY2024 Earnings (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM) – Analysts at Northland Capmk cut their FY2024 earnings estimates for Symbotic in a note issued to investors on Monday, May 6th. Northland Capmk analyst M. Latimore now expects 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) last released its earnings results on Monday, February 5th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $370.28 million.

A number of other research firms have also weighed in on SYM. Cantor Fitzgerald restated an “overweight” rating and set a $60.00 target price on shares of Symbotic in a research note on Tuesday, February 6th. Robert W. Baird increased their price objective on shares of Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday. William Blair reaffirmed a “market perform” rating on shares of Symbotic in a research report on Tuesday, February 6th. KeyCorp dropped their target price on Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, February 6th. Finally, Needham & Company LLC restated a “buy” rating and issued a $54.00 price target on shares of Symbotic in a research note on Tuesday. Three investment 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.69.

Symbotic Price Performance

SYM stock opened at $44.75 on Thursday. The business’s 50-day moving average is $43.40 and its two-hundred day moving average is $44.25. The firm has a market capitalization of $25.82 billion, a P/E ratio of -165.74 and a beta of 1.97. Symbotic has a 1 year low of $23.58 and a 1 year high of $64.14.

Insider Buying and Selling

In other Symbotic news, insider Michael David Dunn sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $40.00, for a total value of $80,000.00. Following the completion of the sale, the insider now owns 72,032 shares in the company, valued at $2,881,280. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Symbotic news, insider Michael David Dunn sold 2,000 shares of Symbotic stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $40.00, for a total value of $80,000.00. Following the transaction, the insider now directly owns 72,032 shares in the company, valued at $2,881,280. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider William M. Boyd III sold 8,825 shares of the company’s stock in a transaction dated Friday, April 26th. The shares were sold at an average price of $40.34, for a total transaction of $356,000.50. Following the completion of the sale, the insider now directly owns 23,012 shares of the company’s stock, valued at $928,304.08. The disclosure for this sale can be found here. Insiders have sold 7,110,447 shares of company stock worth $275,410,529 in the last quarter. 38.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp purchased a new stake in shares of Symbotic in the fourth quarter valued at about $26,000. Providence Capital Advisors LLC acquired a new stake in Symbotic in the third quarter valued at about $33,000. RiverPark Advisors LLC purchased a new stake in Symbotic in the 1st quarter valued at approximately $37,000. Global Retirement Partners LLC boosted its holdings in Symbotic by 166.7% in the 1st quarter. Global Retirement Partners LLC now owns 1,056 shares of the company’s stock valued at $48,000 after purchasing an additional 660 shares in the last quarter. Finally, Pingora Partners LLC acquired a new position in Symbotic during the 4th quarter worth approximately $51,000.

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.