Why iRobot Stock is Surging Before the Open

The equity is bouncing from roughly 10-year highs

Jake Scott

Deputy Editor

Nov 24, 2023 at 9:29 AM

IRBT
AMZN

Roomba vacuum maker iRobot Corporation (NASDAQ:IRBT) shares are 30% higher in premarket trading, after a Reuters report. According to the report that cited sources familiar with the matter, Amazon.com (AMZN) is on track to win regulatory approval in the European Union (EU), allowing it to proceed with its $1.4 billion buyout of the company.

Should these premarket gains hold, it will cut into IRBT's 38% year-to-date deficit. The equity is also pacing for its third daily win in four, as it bounces from their Nov,11, roughly 10-year low of $28.23.

Short sellers are hitting the exits, with short interest down 10.7% in the last two reporting periods. The 2.98 million shares sold short make up 10.9% of iRobot stocks available float, or nearly 12 days' worth of pent-up buying power.

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