IRBT - 1 Stock I Wouldn't Touch With a 10-Foot Pole -- and Here's Why
2024-05-11 08:17:00 ET
Companies are often engaged in turnarounds, so it isn't unusual that iRobot (NASDAQ: IRBT) is currently pursuing such a path. However, the story here is a bit more complex. The big takeaway for me is that iRobot is starting this turnaround from a particularly weak place. And because of that, I wouldn't touch the stock with a 10-foot pole. Here's why.
The big news in August 2022 was that online retail juggernaut Amazon (NASDAQ: AMZN) had agreed to buy iRobot. The purchase price for the all-cash deal was $61 per share for a total value of around $1.7 billion. Not a bad development at all, and the news release was filled with comments about the two companies making customers happy together.
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1 Stock I Wouldn't Touch With a 10-Foot Pole -- and Here's Why