Streetbeat News

SYM

Symbotic Inc.

https://www.symbotic.com

Industry

Shell Companies

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.

Open

30.26

Mkt cap

3.1B

Volume

867K

High

30.26

P/E Ratio

-147.45

52-wk high

59.82

Low

29.08

Div yield

N/A

52-wk low

17.11

Symbiotic shares are trading lower after the company reported worse-than-expected Q3 earnings results and issued Q4 revenue guidance below estimates.

Portfolio Pulse from Benzinga Newsdesk

July 29, 2024 | 8:49 pm

Symbotic Inc (NASDAQ:SYM) shares fell 17.12% in after-hours trading following the release of its Q3 earnings report. The company reported higher-than-expected revenue but missed earnings estimates. Symbotic's cash reserves decreased, and the company cited elongated construction schedules and implementation costs as reasons for lower-than-expected gross margins. The company provided a Q4 revenue outlook of $455 million to $475 million and expects adjusted EBITDA of $28 million to $32 million.

Portfolio Pulse from Adam Eckert

July 29, 2024 | 8:43 pm

Symbotic has announced its Q4 revenue expectations to be between $455 million and $475 million, which is below the estimated $516.84 million. The company also expects an adjusted EBITDA of $28 million to $32 million.

Portfolio Pulse from Benzinga Newsdesk

July 29, 2024 | 8:31 pm

Symbotic (NASDAQ:SYM) reported Q3 2024 GAAP EPS of $(0.02), missing the $0.01 estimate, but achieved sales of $491.862M, beating the $464.550M estimate. Sales increased by 57.73% year-over-year.

Portfolio Pulse from Benzinga Newsdesk

July 29, 2024 | 8:11 pm

Walmart Inc (NYSE:WMT) is considering a $200 million investment in self-driving forklifts from Fox Robotics to enhance warehouse automation. This move is part of Walmart's broader strategy to compete with Amazon.com Inc (NASDAQ:AMZN) and includes exclusive deals with robotics vendors like Fox Robotics and Symbotic Inc (NASDAQ:SYM). Analysts estimate that Walmart's automation efforts could add $20 billion to its profit by fiscal 2029. Walmart's stock has gained over 29% in the last 12 months.

Portfolio Pulse from Shivani Kumaresan

July 26, 2024 | 3:43 pm

Vertical Research has initiated coverage on Symbotic (NASDAQ:SYM) with a Hold rating and a price target of $45.

Portfolio Pulse from Benzinga Newsdesk

July 23, 2024 | 2:41 pm

BWS Financial has initiated coverage on Symbotic (NASDAQ:SYM) with a Sell rating and a price target of $10.

Portfolio Pulse from Benzinga Newsdesk

July 22, 2024 | 2:07 pm

Symbotic (NYSE:SYM) has seen a 15.77% increase in its short percent of float, now at 27.9% of all regular shares available for trading. This high short interest compared to its peers could indicate bearish sentiment, but it doesn't necessarily mean the stock will fall in the near term.

Portfolio Pulse from Benzinga Insights

July 17, 2024 | 1:15 pm

Symbotic (NYSE:SYM) has seen a 6.33% decrease in its short percent of float, now at 22.94% with 8.70 million shares sold short. This indicates a potential shift in market sentiment. It would take traders 9.88 days to cover their short positions based on current trading volume.

Portfolio Pulse from Benzinga Insights

June 17, 2024 | 7:30 pm

Symbotic (NYSE:SYM) has seen a 13.74% increase in its short percent of float, now at 24.42% of all regular shares available for trading. This high short interest suggests bearish sentiment among investors, although it doesn't guarantee a near-term price drop. Compared to its peers, Symbotic's short interest is significantly higher, with the peer group average at 4.01%.

Portfolio Pulse from Benzinga Insights

May 24, 2024 | 4:00 pm

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