What's Going On With Symbotic Stock?

Symbotic Inc. SYM shares are trading higher Friday on continued upward momentum. The company announced on Thursday that it entered into agreements with Walmart de México y Centroamérica to implement its warehouse automation systems in two of the retailer’s locations.

The Details:

Symbotic shares climbed more than 18% Thursday after the company said it will deploy its AI-powered robotic and software end-to-end systems at two Walmart distribution centers in Mexico. The first site is currently breaking ground and marks the largest system Symbotic has deployed as a single-phase project.

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“We are pleased to welcome Walmex as a customer and to implementing state-of-the-art automation within its Mexican network that will enhance productivity in both its distribution centers and stores,” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic.

According to data from Benzinga Pro, Symbotic shares are climbing on heavy volume Friday and trading well-above the stock’s 50-day moving average of $22.41.

Will SYM Stock Go Up?

When trying to assess whether or not Symbotic will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $38 on Symbotic. The Street high target is currently at $60 and the Street low target is $10. Of all the analysts covering Symbotic, 9 have positive ratings, 2 have neutral ratings and 3 have negative ratings.

In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Symbotic have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Symbotic is 38.74% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Symbotic, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

SYM Price Action: According to Benzinga Pro, Symbotic shares are up 8.69% at $29.90 at the time of publication Friday.

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Image: Courtesy of Symbotic, Inc.