The provider of artificial intelligence (AI) -enabled robotics technology for the supply chain, Symbotic (NASDAQ:SYM) surged in pre-market trading after the company’s Fiscal fourth quarter revenues jumped by 60.3% year-over-year to $392 million. This was above analysts’ consensus estimates of $306.9 million.
However, the company’s losses narrowed to $0.08 per share from a loss of $0.10 per share in the same period last year. More importantly, this was the first quarter in which Symbotic delivered a positive adjusted EBITDA of $13 million.
Looking forward, in the first quarter of FY24, Symbotic expects revenues in the range of $350 million to $370 million while adjusted EBITDA is likely to be between $11 million and $14 million.
Is SYM a Buy or Sell?
Analysts are cautiously optimistic about SYM stock with a Moderate Buy consensus rating based on five Buys and two Holds. Year-to-date, SYM stock has rallied by more than 200% with the average SYM price target of $61, implying an upside potential of 64.2% at current levels.
