Fast-growing warehouse robotics and automation company Symbotic is riding high after showing off its latest technology at a recent investor day event. Symbotic stock is in record-high territory.
Symbotic stock notched an all-time high of 36.53 on Friday. It ended the regular session up 2.2% to 36.10. The firm went public in June 2022 after its merger with a special-purpose acquisition company. Symbotic stock has a best-possible IBD Relative Strength Rating of 99.
The Wilmington, Mass.-based company posted its third-straight quarter of triple-digit percentage growth in sales on May 1. Symbotic's sales increased 177% year over year to $266.9 million in the March quarter. The company's sales growth has accelerated for at least the last three quarters.
For the current quarter, Symbotic forecast revenue of $245 million to $265 million. The midpoint of $255 million would represent 45% growth from the same period last year.
The company expects to report an adjusted loss of $8 million to $11 million in the June quarter. That compares with a loss of $11.2 million in the March quarter and a year-earlier loss of $21.8 million.
Symbotic Stock Gets Price-Target Hikes
Symbotic hosted an investor day with financial analysts and institutional investors on May 18. There, it presented an updated view of the company's long-term strategy.
Wall Street analysts were generally impressed with the presentation, which began with a demonstration of a Symbotic system in use at a Walmart distribution center in Brooksville, Fla. Walmart is a major buyer of Symbotic systems.
Deutsche Bank analyst Nicole DeBlase reiterated her buy rating after the presentation. She also upped her price target on Symbotic stock to 36 from 31.
Symbotic plans to increase its penetration with existing customers, including Albertsons, C&S Wholesale Grocers and Walmart. It also hopes to win new customers in its current markets of groceries and general merchandise, DeBlase said in a note to clients.
Symbotic eventually plans to expand into new markets such as apparel, consumer packaged goods, home improvement, and auto parts, she said. Plus, it has opportunities to expand into new geographies such as Canada, Mexico and the Asia Pacific region.
SYM Stock On IBD 50 List
Needham analyst James Ricchiuti maintained his buy rating on Symbotic stock and raised his price target to 36 from 31 after the investor event.
"Symbotic appears to be balancing the need to move faster to expand its customer base and market verticals with a commitment to driving profitability," Ricchiuti said in a note to clients.
Symbotic stock is on the IBD 50 list of top-performing growth stocks.
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