What's Going On With Symbotic Stock?

Symbotic Inc. SYM shares are trading higher on Monday. The stock has been in an uptrend since mid-November. Here's a look at why.

What To Know: Overall market strength in mid-November, due to softer-than-expected October inflation data, laid the groundwork for Symbotic's most recent uptrend.

However it was better-than-expected fourth-quarter sales results, reported on Nov. 20 after market hours, which sent shares rising further. The company posted revenue of $392.00 million, beating expectations of $306.90 million. Additionally, quarterly losses of eight cents per share surpassed analyst estimates of losses of 12 cents.

Despite shares pulling back a few days following the earnings report, the stock has rebounded into the current week.

Also, several analyts recently updated their price targets on the company. On Nov. 22, Goldman Sachs analyst Mark Delaney maintained Symbotic with a Neutral and raised the price target from $36 to $40 and Keybanc analyst Ken Newman maintained the stock with a Overweight and raised the price target from $50 to $63.

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SYM Price Action: Shares of SYM were up 12.8% at $58.03 at the time of publication, according to Benzinga Pro.  

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