New York Post

Just suck it up

Shark vac bloodies Roomba maker

- By CARLETON ENGLISH cenglish@nypost.com

Shares of iRobot, the maker of the Roomba autonomous vacuum cleaners, were the victim of a shark attack on Wednesday.

The Bedford, Mass., company saw its shares sink 16 percent after a short seller, citing increased competitio­n from a rival whose lower-priced product just hit stores, reiterated its short position.

Spruce Point Capital Management said the Shark Ion Robot, with a starting price of $349, would steal away market share from iRobot, whose Roomba vacuums start at $375.

“We think this is the beginning of the end of [iRobot],” Ben Axler, the chief investment officer of Spruce Point, told The Post. “They continue to be under a lot of pressure.”

The Shark Ion Robot, from SharkNinja, went on sale on Monday.

“Shark’s entry into the market is earlier than we expected and gives the company enough time to compete for shelf space for the critical Q4 holiday season,” Spruce Point said in a report.

The report sent iRobot’s shares sliding to $85.08. Even after the tumble, iRobot’s shares are up 46 percent this year.

To be sure, iRobot’s firsthalf profit soared 64 percent on a 26 percent rise in revenue. The company said the increased competitio­n would be a good thing.

“We welcome good competitio­n as it will help to expand the overall market,” iRobot said in a statement Wednesday.

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