Symbotic (NASDAQ:SYM) Releases Earnings Results, Beats Expectations By $0.01 EPS

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

Symbotic Stock Up 7.9 %

SYM opened at $10.77 on Wednesday. Symbotic has a 52-week low of $8.75 and a 52-week high of $28.48. The stock has a market capitalization of $595.80 million, a PE ratio of -1.01 and a beta of 1.24. The company’s 50 day simple moving average is $11.66.

Hedge Funds Weigh In On Symbotic

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. increased 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 valued at $1,958,000 after buying an additional 130,213 shares during the period. Vanguard Group Inc. bought a new stake in shares of Symbotic during the third quarter valued at approximately $1,523,000. JPMorgan Chase & Co. bought a new stake in shares of Symbotic during the second quarter valued at approximately $534,000. State Street Corp bought a new stake in shares of Symbotic during the third quarter valued at approximately $325,000. Finally, UBS Group AG bought a new stake in shares of Symbotic during the third quarter valued at approximately $224,000.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on SYM shares. Raymond James raised their price objective on Symbotic from $18.00 to $23.00 and gave the company an “outperform” rating in a report on Tuesday, August 2nd. Northland Securities raised their price objective on Symbotic from $16.00 to $20.00 in a report on Tuesday, August 2nd. Deutsche Bank Aktiengesellschaft raised their price objective on Symbotic from $19.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. Robert W. Baird decreased their price objective on Symbotic from $20.00 to $18.00 in a report on Tuesday. Finally, UBS Group initiated coverage on Symbotic in a report on Monday, September 19th. They set a “buy” rating and a $17.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.73.

Symbotic Company Profile

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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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