Cantor Fitzgerald Comments on Symbotic Inc.’s FY2024 Earnings (NASDAQ:SYM)

Posted by Defense World Staff on Jul 13th, 2023

Symbotic Inc. (NASDAQ:SYM – Free Report) – Equities research analysts at Cantor Fitzgerald issued their FY2024 earnings per share estimates for Symbotic in a research report issued to clients and investors on Tuesday, July 11th. Cantor Fitzgerald analyst D. Soderberg expects that the company will post earnings of $0.23 per share for the year. Cantor Fitzgerald currently has a “Overweight” rating and a $35.00 price target on the stock. The consensus estimate for Symbotic’s current full-year earnings is ($0.28) per share.

Symbotic (NASDAQ:SYM – Get Free Report) last issued its quarterly earnings data on Monday, May 1st. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.04). The business had revenue of $266.85 million for the quarter, compared to analysts’ expectations of $224.82 million. Symbotic had a negative net margin of 2.26% and a negative return on equity of 78.17%. The business’s revenue for the quarter was up 177.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($5.61) EPS.

Several other analysts also recently weighed in on SYM. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Symbotic from $31.00 to $36.00 in a report on Monday, May 22nd. Craig Hallum started coverage on shares of Symbotic in a research note on Monday, April 17th. They issued a “buy” rating and a $35.00 price target for the company. Citigroup lifted their price objective on shares of Symbotic from $32.00 to $52.00 in a research report on Monday. Raymond James boosted their price target on shares of Symbotic from $23.00 to $35.00 in a research report on Tuesday, May 2nd. Finally, Needham & Company LLC boosted their price target on shares of Symbotic from $25.00 to $31.00 in a research note on Tuesday, May 2nd. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $34.64.

Symbotic Price Performance

SYM opened at $43.37 on Wednesday. The company’s 50 day simple moving average is $37.45 and its two-hundred day simple moving average is $25.39. Symbotic has a 1-year low of $8.75 and a 1-year high of $53.83. The firm has a market capitalization of $24.09 billion, a price-to-earnings ratio of -123.91 and a beta of 1.43.

Institutional Trading of Symbotic

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Softbank Group CORP. raised its stake in Symbotic by 1,000.0% in the first quarter. Softbank Group CORP. now owns 22,000,000 shares of the company’s stock valued at $502,480,000 after purchasing an additional 20,000,000 shares in the last quarter. Frontier Capital Management Co. LLC boosted its holdings in shares of Symbotic by 202.3% during the 1st quarter. Frontier Capital Management Co. LLC now owns 1,041,144 shares of the company’s stock worth $23,780,000 after buying an additional 696,727 shares in the last quarter. Navis Wealth Advisors LLC raised its position in shares of Symbotic by 21.0% during the first quarter. Navis Wealth Advisors LLC now owns 913,554 shares of the company’s stock worth $20,866,000 after purchasing an additional 158,856 shares during the period. Exchange Traded Concepts LLC purchased a new stake in shares of Symbotic during the 1st quarter valued at $13,919,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Symbotic during the 1st quarter valued at $13,024,000. 50.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Michael David Dunn sold 5,375 shares of the company’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $41.32, for a total value of $222,095.00. Following the completion of the sale, the insider now directly owns 88,508 shares of the company’s stock, valued at approximately $3,657,150.56. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Michael David Dunn sold 5,375 shares of the company’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $41.32, for a total transaction of $222,095.00. Following the completion of the sale, the insider now directly owns 88,508 shares of the company’s stock, valued at approximately $3,657,150.56. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Rollin L. Ford bought 8,000 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were bought at an average price of $24.70 per share, with a total value of $197,600.00. Following the completion of the purchase, the director now owns 8,000 shares in the company, valued at $197,600. The disclosure for this purchase can be found here. In the last three months, insiders sold 51,455 shares of company stock valued at $1,752,085. Company insiders own 41.00% of the company’s stock.

About Symbotic

(Get Free Report)

Symbotic Inc, an automation technology company, provides robotics and technology to improve efficiency for retailers and wholesalers in the United States. The company offers Symbotic system, an end-to-end warehouse automation system for product distribution. It also designs, assemblies, and installs modular inventory management systems and performs configuration of embedded software.