Symbotic Inc. (SYM) shares surged today following a significant rebound from a sharp decline earlier this week. The stock had previously plummeted nearly 36% on Wednesday due to the company's announcement of accounting errors that necessitated a restatement of its fiscal 2024 results. Despite the negative sentiment earlier in the week, today's rally suggests that investors are reassessing the impact of these accounting issues, possibly viewing the sell-off as an overreaction. The company's robust backlog of $22.4 billion and strong fiscal 2025 revenue growth prospects may also be contributing to renewed investor confidence.
The current price of Symbotic Inc. is $27.09, marking a 12.90% increase from its previous close of $24.00. The stock opened at $23.98 and reached a high of $27.75 during the trading session.