BUZZ-Symbotic tumbles on $550 mln stock offering as SoftBank slices stake
Symbotic's shares fell 5% to $57.45 after a $550 million stock offering priced at $55, a 9.1% discount. SoftBank offloaded 3.5 million shares, reducing its stake. The company plans to use proceeds for general purposes. SYM shares had previously surged 39% after Q4 revenue growth. Analysts rate the stock as "hold" with a median price target of $60.50.
Shares of robotics vendor Symbotic (SYM.O) down 5% before the bell at $57.45 after $550 mln follow-on priced
Wilmington, Massachusetts-based SYM late Thurs 10 mln shares at $55, a 9.1% discount to last sale
Co sold
oftBank (9984.T) affiliate offloaded 3.5 mln shares
SYM shares tumbled 17.4% to $60.48 on Thurs after co late Weds
SYM to use net offering proceeds it receives for general purposes
Goldman Sachs and Citigroup are lead bookrunners
Prior to offering, Japan’s SoftBank and its affiliates owned roughly 49 mln of SYM’s approx 594 mln total shares outstanding, per the
SYM went public in 2022 after the Walmart (WMT.N) -backed firm with the SoftBank-sponsored SPAC, SVF Sponsor III
On Nov 25, SYM shares soared 39% to close at $77.29, the day after co Q4 rev grew ~7% yr/yr to $618.5 mln, topping Wall Street consensus
Through Thurs close, SYM shares up 155% YTD
Avg rating among 20 analysts is “hold” and median PT is $60.50, per LSEG (Lance Tupper is a Reuters market analyst. The views expressed are his own)
