BUZZ-Symbotic tumbles as SoftBank to trim stake in share offering

Reuters12-04
BUZZ-Symbotic tumbles as SoftBank to trim stake in share offering

** Shares of robotics vendor Symbotic SYM.O down 13.4% in extended trading to $63.40 after equity offering news

** Wilmington, Massachusetts-based SYM commences 10 mln share offering; SYM to sell 6.5 mln shares, while SoftBank 9984.T affiliate to part ways with 3.5 mln shares

** SYM to use net offering proceeds for general purposes

** Goldman Sachs and Citigroup are lead bookrunners, joined by TD Secs

** Japan's SoftBank and its affiliates own roughly 49 mln of SYM's approx 592 mln total shares outstanding, per the SEC filing

** Walmart WMT.N holds 15 mln shares, per LSEG data

** SYM's stock on Weds closed up 9.4% at $73.22. It has more than tripled YTD

** SYM went public in 2022 after the WMT-backed firm merged with SoftBank-sponsored SPAC

** Of 20 analysts covering SYM, recommendation breakdown is 8 "strong buy" or "buy", 9 "hold" and 3 "sell" ratings: median PT is $60.50 - LSEG

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment