Bank of America Lowers iRobot (NASDAQ:IRBT) to Underperform

Share on StockTwits

Bank of America cut shares of iRobot (NASDAQ:IRBT) from a neutral rating to an underperform rating in a report issued on Friday, BenzingaRatingsTable reports. Bank of America currently has $77.00 price objective on the industrial products company’s stock.

Other equities research analysts have also recently issued research reports about the company. Dougherty & Co raised iRobot from a neutral rating to a buy rating and set a $80.00 price target for the company in a research note on Monday, May 18th. BidaskClub raised shares of iRobot from a buy rating to a strong-buy rating in a research report on Thursday, May 21st. Northland Securities increased their price target on shares of iRobot from $80.00 to $90.00 and gave the stock an outperform rating in a research note on Tuesday, June 16th. JPMorgan Chase & Co. raised shares of iRobot from an underweight rating to a neutral rating and lifted their price objective for the company from $45.00 to $65.00 in a research note on Tuesday, May 26th. Finally, Piper Sandler increased their target price on shares of iRobot from $50.00 to $75.00 and gave the stock a neutral rating in a research report on Tuesday, June 16th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $72.40.

IRBT stock opened at $83.81 on Friday. The company has a 50 day moving average of $75.38 and a two-hundred day moving average of $55.91. The company has a market cap of $2.29 billion, a price-to-earnings ratio of 54.07, a PEG ratio of 10.75 and a beta of 1.72. iRobot has a 12-month low of $32.79 and a 12-month high of $96.10. The company has a quick ratio of 2.47, a current ratio of 3.54 and a debt-to-equity ratio of 0.09.

iRobot (NASDAQ:IRBT) last posted its quarterly earnings results on Tuesday, April 28th. The industrial products company reported ($0.64) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.55) by ($0.09). iRobot had a return on equity of 7.23% and a net margin of 3.82%. The company had revenue of $192.50 million during the quarter, compared to analyst estimates of $181.51 million. During the same period last year, the company posted $0.69 earnings per share. The company’s revenue was down 19.0% compared to the same quarter last year. On average, research analysts anticipate that iRobot will post 0.51 EPS for the current year.

In other news, Director Andrew Miller sold 900 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $81.83, for a total transaction of $73,647.00. Following the transaction, the director now owns 8,186 shares in the company, valued at approximately $669,860.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Glen Daniel Weinstein sold 3,958 shares of the company’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $65.00, for a total transaction of $257,270.00. Following the transaction, the executive vice president now directly owns 66,559 shares of the company’s stock, valued at approximately $4,326,335. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,814 shares of company stock worth $1,430,261. 2.91% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. Alliancebernstein L.P. grew its holdings in shares of iRobot by 0.4% during the 4th quarter. Alliancebernstein L.P. now owns 48,085 shares of the industrial products company’s stock worth $2,435,000 after purchasing an additional 200 shares in the last quarter. Amalgamated Bank boosted its position in shares of iRobot by 4.2% during the 4th quarter. Amalgamated Bank now owns 5,329 shares of the industrial products company’s stock valued at $270,000 after acquiring an additional 217 shares in the last quarter. Mutual of America Capital Management LLC increased its stake in iRobot by 21.6% in the first quarter. Mutual of America Capital Management LLC now owns 1,235 shares of the industrial products company’s stock valued at $51,000 after acquiring an additional 219 shares during the period. Banque Cantonale Vaudoise raised its position in iRobot by 4.9% in the first quarter. Banque Cantonale Vaudoise now owns 4,846 shares of the industrial products company’s stock worth $198,000 after purchasing an additional 225 shares in the last quarter. Finally, Mason Street Advisors LLC lifted its stake in iRobot by 3.1% during the fourth quarter. Mason Street Advisors LLC now owns 9,847 shares of the industrial products company’s stock worth $499,000 after purchasing an additional 297 shares during the period.

About iRobot

iRobot Corporation designs, builds, and sells robots for the consumer market worldwide. It offers Roomba floor vacuuming robots; Braava family of automatic floor mopping robots; and Mirra Pool Cleaning Robot to clean residential pools and removes debris as small as two microns from pool floors, walls, and stairs.

Featured Story: How is Preferred Stock Different from Common Stock?

Analyst Recommendations for iRobot (NASDAQ:IRBT)

Receive News & Ratings for iRobot Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for iRobot and related companies with MarketBeat.com's FREE daily email newsletter.