Richtech Robotics (NASDAQ:RR) Rating Lowered to "Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Richtech Robotics to “Sell” from “Hold,” although the broader analyst consensus remains “Hold” with an average price target of $6.00.
• Richtech Robotics shares fell 6.2% to $1.83, with the stock trading well below its 12-month high of $7.43 and carrying a market capitalization of about $412 million.
• The company approved a $12 million share buyback, allowing it to repurchase up to 3.3% of outstanding shares, while institutional ownership remains minimal at 0.01%.

Richtech Robotics (NASDAQ:RR - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Several other research firms have also commented on RR. Freedom Capital raised Richtech Robotics from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Richtech Robotics in a report on Tuesday, July 21st. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $6.00.

Richtech Robotics Stock Down 6.2%

Shares of RR stock traded down $0.12 during mid-day trading on Friday, reaching $1.83. The company's stock had a trading volume of 5,619,319 shares, compared to its average volume of 5,875,081. The firm has a market capitalization of $411.93 million, a PE ratio of -30.50 and a beta of -0.65. The company's 50 day simple moving average is $1.73 and its 200-day simple moving average is $2.22. Richtech Robotics has a 12-month low of $1.30 and a 12-month high of $7.43.

Richtech Robotics declared that its board has approved a share buyback plan on Tuesday, August 25th that authorizes the company to buyback $12.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 3.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Richtech Robotics

Several institutional investors have recently modified their holdings of the company. Themes Management Co LLC boosted its stake in shares of Richtech Robotics by 473.1% during the 1st quarter. Themes Management Co LLC now owns 467,030 shares of the company's stock valued at $976,000 after buying an additional 385,544 shares during the period. UBS Group AG boosted its stake in shares of Richtech Robotics by 412.2% during the 4th quarter. UBS Group AG now owns 1,804,574 shares of the company's stock worth $5,829,000 after acquiring an additional 1,452,236 shares in the last quarter. Axxcess Wealth Management LLC acquired a new position in Richtech Robotics during the fourth quarter valued at approximately $32,000. Leonteq Securities AG bought a new position in Richtech Robotics in the 4th quarter worth $452,000. Finally, Northbridge Financial Group LLC acquired a new position in shares of Richtech Robotics during the 4th quarter worth about $49,000. Institutional investors own 0.01% of the company's stock.

Richtech Robotics Company Profile

Richtech Robotics Inc develops, manufactures, deploys, and sells robotic solutions for automation in the service industry. The company offers indoor transport and delivery, sanitation, and food and beverage automation solutions, such as ADAM and ARM worker robots; delivery robots, including Matradee, Matradee X, Matradee L, Richie, and Robbie; and cleaning robots comprising DUST-E SX, and DUST-E MX, as well as accessories, such as bus tubs, cup holders, magnetic tray cases, smartwatches, table location systems, and tray covers.

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