Symbotic (SYM) Shares Up 20% Today - Here is Why

Symbotic inc (NASDAQ:SYM) shares went up 20% today after the company announced agreement with Walmart de México y Centroamérica (walmex) to implement Symbotic's warehouse automation system in two of their locations in Mexico.

Symbotic's revolutionary systems consists of robotics powered by AI that offers end-to-end warehouse management that drastically increases speed and efficiency. The company also announced that it has established a new business unit in Mexico to extend their reach to customers in the country.

Their new customer, Walmart de México y Centroamérica is a subsidiary of Walmart inc (WMT) that operates in Mexico, Costa Rica, Guatemala, El Salvador, Honduras and Nicaragua. Walmart inc owns 70% in the subsidiary, the remaining 30% is publicly traded on the Mexican stock market.

About Symbotic's stock and IPO

Symbotic's market cap exceeded $16 billions after today's jump in price. The company went public in June of 2022 by merging with a SPAC. Their revenue for their last reported fiscal year was $1.17 billions, a 98% year-over-year increase from the prior fiscal year. However, the company is still not profitable with a net-loss of $23.8 millions in their last reported fiscal year.

How much you'd have if you invested $1,000 in Symbotic since IPO?

If you invested $1,000 in Symbotic stock on June 8th, 2022 which is the merger completion date, you would have $1,317.89 today according to Stoculator's stock calculator. That's an annual return rate of 12.51%.