Symbotic shares have declined 45% since late July following a short-cover rally heading into the company’s better than expected fiscal Q3 exults, with downward pressure exacerbated by recent insider selling, William Blair the analyst tells investors in a research note. The firm says management execution has been “exceptional” since the company’s public listing last summer. Breakeven profitability is now in sight while Symbotic has a strong balance sheet and a recurring revenue stream that should build to 10% of sales in the near three years, contends Blair. At roughly $35, the firm is “tempted to become more opportunistic on the stock since the recent pullback.” However, it believes the shares are fully pricing in the core Symbotic operations and the GreenBox joint venture with SoftBank.
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