Northland Capmk Brokers Increase Earnings Estimates for Symbotic Inc. (NASDAQ:SYM)

Symbotic Inc. (NASDAQ:SYM) – Equities research analysts at Northland Capmk increased their Q3 2024 earnings per share (EPS) estimates for shares of Symbotic in a research note issued to investors on Monday, May 6th. Northland Capmk analyst M. Latimore now anticipates that the company will post earnings per share of $0.01 for the quarter, up from their prior forecast of ($0.01). The consensus estimate for Symbotic’s current full-year earnings is ($0.03) per share. Northland Capmk also issued estimates for Symbotic’s Q4 2024 earnings at $0.03 EPS, Q1 2025 earnings at $0.03 EPS, Q2 2025 earnings at $0.07 EPS, Q3 2025 earnings at $0.10 EPS, Q4 2025 earnings at $0.13 EPS and FY2025 earnings at $0.33 EPS.

Symbotic (NASDAQ:SYM) last issued its earnings results on Monday, February 5th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.03. Symbotic had a negative net margin of 1.39% and a negative return on equity of 35.06%. The firm had revenue of $368.45 million for the quarter, compared to analysts’ expectations of $370.28 million.

SYM has been the topic of several other research reports. William Blair reissued a “market perform” rating on shares of Symbotic in a report on Tuesday, February 6th. Needham & Company LLC reiterated a “buy” rating and issued a $54.00 price objective on shares of Symbotic in a report on Tuesday. KeyCorp cut their target price on Symbotic from $63.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 6th. Robert W. Baird increased their price target on shares of Symbotic from $52.00 to $53.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, DA Davidson upgraded shares of Symbotic from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Wednesday, February 7th. Three analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $55.77.

Symbotic Trading Up 10.9 %

Shares of NASDAQ:SYM opened at $46.50 on Wednesday. Symbotic has a 52 week low of $23.58 and a 52 week high of $64.14. The company’s 50 day moving average is $43.12 and its two-hundred day moving average is $44.22. The company has a market cap of $26.83 billion, a PE ratio of -172.22 and a beta of 1.97.

Institutional Trading of Symbotic

Hedge funds have recently made changes to their positions in the company. Commonwealth Equity Services LLC lifted its holdings in shares of Symbotic by 70.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 16,266 shares of the company’s stock valued at $544,000 after buying an additional 6,743 shares during the period. Raymond James & Associates increased its holdings in shares of Symbotic by 19.5% in the 3rd quarter. Raymond James & Associates now owns 502,488 shares of the company’s stock valued at $16,798,000 after purchasing an additional 82,116 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Symbotic by 176.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 75,527 shares of the company’s stock worth $2,525,000 after buying an additional 48,214 shares in the last quarter. Bank of New York Mellon Corp grew its position in Symbotic by 15.3% during the third quarter. Bank of New York Mellon Corp now owns 60,466 shares of the company’s stock worth $2,021,000 after buying an additional 8,041 shares during the period. Finally, New World Advisors LLC purchased a new position in Symbotic in the third quarter valued at about $501,000.

Insider Activity

In other Symbotic news, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total value of $191,600,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, insider Michael David Dunn sold 2,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $40.00, for a total transaction of $80,000.00. Following the completion of the sale, the insider now directly owns 72,032 shares of the company’s stock, valued at $2,881,280. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Richard B. Cohen sold 5,000,000 shares of Symbotic stock in a transaction on Monday, February 26th. The shares were sold at an average price of $38.32, for a total transaction of $191,600,000.00. The disclosure for this sale can be found here. Insiders have sold 7,110,447 shares of company stock valued at $275,410,529 in the last ninety days. 38.30% of the stock is currently owned by company insiders.

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.