Can Symbotic Stock Double in 2024?
Investors continue to go wild over Symbotic (NASDAQ: SYM) -- a provider of robots and accompanying software for warehousing automation. Retail titan was the biggest customer, at 88% of revenue in 2023. But in a new era of artificial intelligence (AI) wherein "automation" is in high demand, Symbotic has been increasing its backlog of orders with other key retailers, wholesalers, and other consumer goods companies in need of unlocking efficiencies in their supply chains and logistics operations.
After soaring over 300% in 2023 alone, there's hope that Symbotic stock can double again in 2024. The company's growth trajectory would certainly seem to indicate such is possible. However, just underneath the headline financial figures are reasons investors should give serious pause before buying this warehouse robotics stock.
Symbotic provides an end-to-end robotics and automation platform for the massive North American warehousing market (valued at an estimated $144 billion). These warehouses address the complex and costly supply chain of big retailers and wholesalers operating in general merchandise, groceries and food distribution, and apparel.
Source Fool.com
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