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