Sentiment for robotics increases after Google’s compelling purchase of eight robotics companies
SEEKING ALPHA? As far as tech momentum trades go, robots are apparently the new 3D printers. iRobot skyrockets following the Raymond James upgrade; Adept is also rallying.
iRobot (IRBT +17.9%) is blasting off in the wake of a Raymond James upgrade that comes shortly after Google confirmed the acquisition of defense robot maker Boston Dynamics, and fellow robot maker Adept Technology (ADEP +8%) is also up sharply.
Interestingly, the Raymond James upgrade doesn’t center around Google or even iRobot’s defense/security robot ops (just 8% of Q3 revenue), but rather its new Roomba 800 series vacuum robots (expected to boost 2014 sales), and its Braava mopping robots (recently became available in North America).
Sidoti upgraded iRobot yesterday. 10% of the company’s float was shorted as of Nov. 29.