Today, iRobot (IRBT) stock surged 5.3% before the market opened. At 9:50 AM Eastern Time, it was up 3.7%, while the S&P 500 and the NASDAQ Composite had risen 0.5% and 0.8%, respectively. Let’s look at what could be boosting IRBT stock.
Today, iRobot announced plans to launch Terra, an automated lawnmower device with advanced mapping and navigation technology. The news boosted investors’ (IJR) (IWM) confidence in the company’s growth potential and drove its stock higher.
The company claims Terra, which uses iRobot’s Smart Mapping technology to navigate, delivers high-quality mowing and can be installed easily. In a press release, iRobot stated that “Terra will offer consumers a welcome alternative to existing robotic lawn mowers by eliminating the need for costly and labor-intensive boundary wires.” The device joins Roomba, a robot vacuum cleaner, and Braava robot mops in iRobot’s device lineup.