IRBT - iRobot Investors Just Got Some Bullish News
2024-05-15 06:22:00 ET
iRobot (NASDAQ: IRBT) stock has been a somewhat volatile investment option in the consumer goods space. The company is mainly known for one product line, the Roomba robotic vacuum cleaner. If iRobot sells a lot of Roombas, its investors clean up, so to speak. If they don't, iRobot's stock performance tends to suck, and not in a good vacuum-y way. Since mid-2021, it's been more of a sucking sound.
But what do potential investors do when they see a sudden jump in iRobot stock that seems to have little to do with robots, vacuum cleaners, or the company's actions? The catalyst shouldn't be ignored, but it also shouldn't prompt sensible investors to flip the switch and end up getting taken for a ride with this troubled stock.
This year hasn't been easy for iRobot. In late January, investors got hit with a triple shot of disappointing news. First, Amazon and iRobot agreed that the former wouldn't acquire the latter. Second, iRobot disclosed its plan to lay off approximately 350 workers, or a whopping 31% of its staff. Moreover, the company revealed that iRobot CEO Colin Angle would step down from that role, effective immediately.
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iRobot Investors Just Got Some Bullish News