Symbotic (NASDAQ: SYM) saw its stock price surge by 8.5% at the close of trading on Wednesday, following bullish coverage from Arete Research, which initiated a buy rating with a one-year price target of $50 per share. The company’s share price had previously reached a daily high increase of 10.7% during the session.
As of now, Symbotic’s market capitalization stands at approximately $3.8 billion, and its stock has increased by 47% year to date. Despite reporting a net loss of $21 million in its last quarter, Symbotic managed to achieve a 40% year-over-year revenue growth.
