Symbotic Inc. (NASDAQ:SYM) reported better-than-expected third-quarter sales results.
The company reported revenues of $311.83 million, beating the consensus of $261.02 million. Sales rose 77.6% Y/Y. EPS of ($0.07) loss missed the Street view of ($0.06) loss.
Symbotic expects fourth-quarter revenue of $290 million-$310 million versus the consensus of $299.68 million. The company anticipates an adjusted EBITDA of $0 million-$3 million.
Symbotic shares fell 8.3% to $58.30 on Tuesday.
These analysts made changes to their price targets on Symbotic following earnings announcement.
- Raymond James boosted the price target on Symbotic from $35 to $65. Raymond James analyst Brian Gesuale maintained an Outperform rating.
- DA Davidson raised the price target on Symbotic from $36 to $50. DA Davidson analyst Matt Summerville, however, downgraded the stock from Buy to Neutral.
- Craig-Hallum boosted Saia price Symbotic from $48 to $61. Craig-Hallum analyst Greg Palm maintained a Buy rating.
- On Monday, Needham raised Symbotic price target from $43 to $58. Needham analyst James Ricchiuti maintained a Buy rating.
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