Symbotic Stock Is Soaring Tuesday: What's Going On?

Symbotic Inc SYM shares are trading higher Tuesday after the company reported strong fourth-quarter financial results. Here's a rundown of the report. 

What Happened: Symbotic reported fiscal fourth-quarter revenue of $392 million, which beat the consensus estimate of $306.9 million, according to Benzinga Pro. The AI-powered supply chain platform company reported a quarterly loss of 8 cents per share. 

"This has been a year of tremendous growth and progress for Symbotic. Our financial performance is a testament to the hard work and dedication of our talented team," said Rick Cohen, chairman and CEO of Symbotic.

"In fiscal 2024, we will continue to invest in driving innovation, strengthening our partnerships, and scaling for growth."

Symbotic said it expects fiscal first-quarter revenue to be between $350 million and $370 million. Adjusted EBITDA is expected to be in the range of $11 million to $14 million.

Following the print, Keybanc analyst Ken Newman maintained Symbotic with an Overweight and raised the price target from $50 to $63. Needham analyst James Ricchiuti reiterated a Buy rating and maintained a price target of $58. Goldman Sachs analyst Mark Delaney maintained a Neutral rating and raised the price target from $36 to $40.

See Also: What's Going On With Broadcom And VMware Shares Today?

SYM Price Action: Symbotic shares were up 19.9% at $44.42 at the time of publication, according to Benzinga Pro.

Photo: 3844328 from Pixabay.