SYM Stock Forecast 2024: Symbotic Inc Remains Weak With A Upside Of 54.18%

In the last trading session, 1.04 million shares of the Symbotic Inc (NASDAQ:SYM) were traded, and its beta was 1.92. Most recently the company’s share price was $45.44, and it changed around $0.44 or 0.98% from the last close, which brings the market valuation of the company to $24.18B. SYM currently trades at a discount to its 52-week high of $64.14, offering almost -41.15% off that amount. The share price’s 52-week low was $20.82, which indicates that the current value has risen by an impressive 54.18% since then. We note from Symbotic Inc’s average daily trading volume that its 10-day average is 1.0 million shares, with the 3-month average coming to 1.58 million.

Symbotic Inc (NASDAQ:SYM) trade information

Instantly SYM has showed a green trend with a performance of 0.98% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently down -11.47% year-to-date, but still down -3.48% over the last five days. On the other hand, Symbotic Inc (NASDAQ:SYM) is 15.33% up in the 30-day period. We can see from the shorts that 7.0 million shares have been sold at a short interest cover period of 4.4 day(s).

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The consensus price target as assigned by Wall Street analysts is $41, which translates to bulls needing to decrease their stock price by -10.83% from its current value. Analyst projections state that SYM is forecast to be at a low of $18 and a high of $60.

Symbotic Inc (SYM) estimates and forecasts

Symbotic Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 39.30 percent over the past six months and at a 94.59% annual growth rate that is well above the industry average of 16.90%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 50.00% in revenue this quarter, and will report an increase of 85.70% in the next quarter. The year-over-year growth rate is expected to be 47.90%, up from the previous year.

Consensus estimates provided by 13 financial analysts predict the company will bring in an average of $412.87 million in revenue for the current quarter. 13 analysts expect Symbotic Inc to make $447.96 million in revenue for the quarter ending Jun 2024.

SYM Dividends

Symbotic Inc’s next quarterly earnings report is expected to be released on February 05.

Symbotic Inc (NASDAQ:SYM)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 18.65% of Symbotic Inc shares, and 67.81% of them are in the hands of institutional investors. The stock currently has a share float of 83.36%. Symbotic Inc stock is held by 253 institutions, with Softbank Group Corporation being the largest institutional investor. By Jun 29, 2023, it held 27.21% of the shares, which is about 22.0 million shares worth $941.82 million.

SB Global Advisers Ltd, with 24.73% or 20.0 million shares worth $238.8 million as of Dec 30, 2022, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Vanguard Small-Cap Index Fund were the top two Mutual Funds as of Jun 29, 2023. The former held 0.78 million shares worth $33.6 million, making up 0.97% of all outstanding shares. On the other hand, Vanguard Small-Cap Index Fund held roughly 0.63 million shares worth around $27.16 million, which represents about 0.78% of the total shares outstanding.