Here's Why iRobot Stock Suddenly Soared This Morning
Shares of autonomous vacuum-cleaner company iRobot (NASDAQ: IRBT) suddenly soared this morning, and as of noon ET on Thursday, the stock was up 10%. A prominent analyst gave some positive commentary on the company this morning, which is certainly helping. However, something much bigger might be providing iRobot with a very welcome boost today.
iRobot was hit hard in 2021 by tariffs. During the administration of President Donald Trump, the U.S. and China exchanged escalating tariffs on certain products. In 2021, iRobot paid over $48 million in tariffs, a huge number for small-cap company with a market capitalization under $1.8 billion.
Image source: iRobot.
Source Fool.com