Why Automation Stock Symbotic Surged 48% in July

Symbotic (NASDAQ: SYM) stock is on fire this year. In July alone, shares of the warehouse automation company jumped 48%, according to data provided by S&P Global Market Intelligence.

It was a big month for Symbotic, as it bagged a multibillion-dollar contract and reported record revenue for its third quarter.

Symbotic formed a joint venture called GreenBox with Japanese multinational company SoftBank Group in July. Symbotic will have a 35% stake in the venture and sell warehouse automation systems worth $7.5 billion to GreenBox over a six-year period, starting from fiscal 2024. Symbotic's financial year ends Sept. 24.

Source Fool.com