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Symbotic Inc. (SYM) Soars 15.3%: Is Further Upside Left in the Stock?
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Symbotic Inc. (SYM - Free Report) shares ended the last trading session 15.3% higher at $46.93. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 65.5% gain over the past four weeks.
The price appreciation is likely due to the revised long-term growth strategy unveiled by Symbiotic. The company aims to win new customers, strengthen relationships with existing customers, grow geographically and add newer verticals to its offerings. The company’s revenues grew 177% in the second quarter of fiscal 2023.
This company is expected to post quarterly loss of $0.06 per share in its upcoming report, which represents a year-over-year change of -500%. Revenues are expected to be $262.68 million, up 49.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Symbotic Inc., the consensus EPS estimate for the quarter has been revised 21.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SYM going forward to see if this recent jump can turn into more strength down the road.
Symbotic Inc. is a member of the Zacks Technology Services industry. One other stock in the same industry, Telus International (TIXT - Free Report) , finished the last trading session 0.8% lower at $15.42. TIXT has returned -9.3% over the past month.
For Telus International, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.27. This represents a change of -10% from what the company reported a year ago. Telus International currently has a Zacks Rank of #4 (Sell).
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Symbotic Inc. (SYM) Soars 15.3%: Is Further Upside Left in the Stock?
Symbotic Inc. (SYM - Free Report) shares ended the last trading session 15.3% higher at $46.93. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 65.5% gain over the past four weeks.
The price appreciation is likely due to the revised long-term growth strategy unveiled by Symbiotic. The company aims to win new customers, strengthen relationships with existing customers, grow geographically and add newer verticals to its offerings. The company’s revenues grew 177% in the second quarter of fiscal 2023.
This company is expected to post quarterly loss of $0.06 per share in its upcoming report, which represents a year-over-year change of -500%. Revenues are expected to be $262.68 million, up 49.6% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Symbotic Inc., the consensus EPS estimate for the quarter has been revised 21.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on SYM going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Symbotic Inc. is a member of the Zacks Technology Services industry. One other stock in the same industry, Telus International (TIXT - Free Report) , finished the last trading session 0.8% lower at $15.42. TIXT has returned -9.3% over the past month.
For Telus International, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.27. This represents a change of -10% from what the company reported a year ago. Telus International currently has a Zacks Rank of #4 (Sell).