Symbotic Stock Is Soaring Tuesday: What's Going On?
Portfolio Pulse from Adam Eckert
Symbotic Inc (NASDAQ:SYM) stock surged after reporting Q4 revenue of $392 million, surpassing the consensus estimate of $306.9 million. The company also reported a quarterly loss of 8 cents per share. CEO Rick Cohen highlighted the year's growth and the company's focus on innovation and scaling for growth in fiscal 2024. Symbotic expects Q1 revenue between $350 million and $370 million, with adjusted EBITDA of $11 million to $14 million. Analysts from Keybanc, Needham, and Goldman Sachs updated their ratings and price targets, with Keybanc raising its target from $50 to $63, Needham maintaining at $58, and Goldman Sachs increasing from $36 to $40. SYM shares rose 19.9% to $44.42.
November 21, 2023 | 3:16 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Symbotic Inc's stock price increased significantly due to a strong Q4 earnings report, beating revenue estimates and positive future guidance.
The positive earnings report and the subsequent analyst upgrades typically lead to increased investor confidence and a short-term rise in stock price. The substantial beat on revenue expectations and the optimistic guidance for the next quarter are likely to maintain the positive sentiment in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100