Here's Why You Should Invest in iRobot (IRBT) Stock Now
iRobot Corporation IRBT is benefiting from its diversified product portfolio. Its innovation capabilities are also beneficial. These include the enhanced version of the Genius Home Intelligence platform, iRobot H1 handheld vacuum and Roomba j7+ robot vacuum. iRobot introduced Genius 4.0 Home Intelligence and launched a version of its U.K. website in March 2022. Its investments in software related to machine vision technologies, artificial intelligence and home understanding will likely be useful in the near term.
Solid product offerings and a robust customer base have been aiding IRBT for some time now. Its innovation capabilities, operational initiatives, expansionary vision, manufacturing in Malaysia and expanding direct-to-consumer sales will likely bode well for IRBT.
iRobot’s focus on expanding its recurring revenue sources, direct-to-consumer sales channel and business from the online platform is noteworthy. IRBT generated roughly 62% of its second-quarter 2022 revenues from the online platform, including Home App, online source of retailers, e-commerce sites and IRBT’s website.
Revenues from direct sales to consumers increased 12% year over year in the second quarter. In the quarters ahead, investments in building brand awareness via campaigning through traditional retail partners on its app and website, and online retailers might significantly boost its product demands.
iRobot Corporation Price and Consensus
iRobot Corporation price-consensus-chart | iRobot Corporation Quote
In the past 60 days, the Zacks Consensus Estimate for 2022 earnings has been revised 0.1% upward.
In light of the above-mentioned positives, we believe, investors should invest in iRobot stock now, as is suggested by its current Zacks Rank #2 (Buy).
Other Stocks to Consider
Some other top-ranked companies from the Industrial Products sector are discussed below:
Enerpac Tool Group Corp. EPAC presently sports a Zacks Rank #1. EPAC delivered a trailing four-quarter earnings surprise of 3.4%, on average. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks.
EPAC’s earnings estimates have increased 9.1% for fiscal 2023 (ending August 2023) in the past 60 days. Its shares have gained 12.9% in the past three months.
IDEX Corporation IEX presently has a Zacks Rank of 2. IEX’s earnings surprise in the last four quarters was 4.6%, on average.
In the past 60 days, IDEX’s earnings estimates have increased 0.1% for 2022. The stock has rallied 10.5% in the past three months.
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