IRBT - Can iRobot Stock Bounce Back After Crashing 72% This Year?
2024-05-25 11:00:00 ET
When Amazon 's deal to acquire iRobot (NASDAQ: IRBT) fell through earlier this year, it was as if the air was let out of the robot vacuum maker's stock. Almost in an instant, shares went over a cliff. The company has been struggling to gain traction ever since. Its sales have been declining, the business is struggling to stay out of the red, and cash burn is also a concern.
After all of this, iRobot's stock is down 72% year to date. However, the company recently brought on a new CEO with experience in leading turnarounds. And at a fairly sizable discount, the stock may appear to be a cheap buy for contrarian investors. Can the stock bounce back this year, and could now be a good time to buy shares of iRobot?
On May 7, iRobot announced that Gary Cohen would be coming on as the company's new chief executive officer, effective immediately, to help steer its turnaround. With 25 years of experience, including dealing with turnarounds, Cohen has experience helping multiple businesses improve their sales and profits through cost-cutting initiatives, corporate restructuring, and product innovations.
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Can iRobot Stock Bounce Back After Crashing 72% This Year?