Buy Symbotic Inc. stock to take your slice of the growing AI industry

November 23, 2023 12:43 AM AEDT | By Invezz

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Buy Symbotic Inc. stock to take your slice of the growing AI industry — Image source: Invezz

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Symbotic Inc. (NASDAQ:SYM) soared more than 40% in a single day following favourable stock market news. Having closed at $37 on Monday, the share price rose to $52 by the time of presenting this analysis. The price appreciation came as the company reported 98% increase in revenues. Symbotic also broke even for the first time, reporting the EPS at $0.00.

The stellar performance thrust Symbotic into the limelight. The company now attracts a lot of attention from retail investors interested in knowing what the company does. Investors are also interested in having their fair share of the firm’s future returns. Going by the projections, Symbotic Inc. is set for a rob§ust growth in revenues and earnings.

Symbotic occupies a strategic position in the supply chain automation segment. With the strong growth of AI, the timing of an investment in the company is also well aligned. Symbotic targets retailers, wholesalers, and food companies. The company’s major client is Walmart Inc., which also holds a 62% stake.

Symbotic’s strength lies in its ability to transform supply chains through AI-powered robotics and software. AI is constructively disruptive to supply chains. Symbotic is right at the centre of the constructive disruption of supply chains. The stock will remain bullish as investors start appreciating the growth of AI in supply chains.

Symbotic could rise further to find its historic high of $63

Technical analysis of the stock shows that it still has room for further price appreciation. A breakout above the current price of $52 could see the stock rise to its historic high of $63. Volume indicators show increased buying of the stock following the financial performance. The analysis confirms opportunities for further gains to the benefit of speculators and long-term investors.

Summary

We recommend investing in Symbotic Inc. for both long-term investors and short-term traders. Long-term investors have the chance to take a slice of the growing AI industry through Symbotic Inc. Short-term traders can expect stock gains towards the historic high of $63, building on the current strengths.

The post Buy Symbotic Inc. stock to take your slice of the growing AI industry appeared first on Invezz

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