iRobot Shares Soar
iRobot Corp (IRBT) is up 6.5% and back above the $34 price level. This is all thanks to selloff the company has this week after not impressing the Street on its latest earnings call.
IRBT reported soft numbers on Tuesday and the stock fell 6% to $31.15 (after hours price). Two days later and it appears the selling was over done as IRBT has bounced. iRobot shares are at $34.20 today.
iRobot is getting some big buying today, volume on the stock is just about double heading into the close.
What happened on Tuesday? iRobot beat Q1 estimates but fell short on the guidance. The company believes Q2 revenue will be in the $143 to $146 million range. The Street wanted the company to guide around $157 million for Q2.
For 2015 IRBT was close on the full year guidance, revenue between $625 and $635 million. iRobot states its full-year outlook reflects "our confidence that Home Robot revenue will grow 11-13% driven by growth in the United States and China, and our incremental marketing investments to strengthen awareness and support our international partners."
Long term Mastery loves iRobot. We think the bounce is justified and agree with the average target price of $39.
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