Richtech Robotics (NASDAQ:RR) Upgraded to Hold at Wall Street Zen

Richtech Robotics (NASDAQ:RR - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Sunday, Wall Street Zen reports.

A number of other equities research analysts also recently commented on the stock. Freedom Capital upgraded shares of Richtech Robotics from a "strong sell" rating to a "hold" rating in a research report on Sunday, August 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Richtech Robotics in a report on Monday, October 19th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $6.00.

Richtech Robotics Trading Down 7.8%

RR stock traded down $0.06 on Friday, hitting $0.76. The company's stock had a trading volume of 8,433,808 shares, compared to its average volume of 5,569,392. The firm has a 50 day moving average of $1.37 and a two-hundred day moving average of $2.06. Richtech Robotics has a 1 year low of $0.74 and a 1 year high of $5.60. The stock has a market cap of $170.02 million, a price-to-earnings ratio of -12.59 and a beta of -0.17.

Richtech Robotics announced that its board has approved a stock repurchase plan on Tuesday, August 25th that allows the company to buy back $12 million in shares. This repurchase authorization allows the company to purchase up to 3.3% of its shares through open market purchases. Stock repurchase plans are usually a sign that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Richtech Robotics

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in shares of Richtech Robotics by 1.1% in the 1st quarter. Bank of New York Mellon Corp now owns 408,024 shares of the company's stock valued at $853,000 after purchasing an additional 4,542 shares in the last quarter. Royal Bank of Canada increased its stake in shares of Richtech Robotics by 32.3% in the 1st quarter. Royal Bank of Canada now owns 21,097 shares of the company's stock valued at $43,000 after purchasing an additional 5,151 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of Richtech Robotics by 26.2% during the 1st quarter. Cetera Investment Advisers now owns 28,138 shares of the company's stock worth $59,000 after buying an additional 5,833 shares in the last quarter. Arizona State Retirement System raised its holdings in shares of Richtech Robotics by 16.5% during the 2nd quarter. Arizona State Retirement System now owns 50,678 shares of the company's stock worth $107,000 after buying an additional 7,169 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new stake in shares of Richtech Robotics during the 1st quarter worth $27,000. 0.01% of the stock is currently owned by hedge funds and other institutional investors.

About Richtech Robotics

Richtech Robotics Inc. develops and supplies service robots for businesses, with a focus on applications in hospitality, food service, healthcare and other commercial settings. Its offerings include robots designed to deliver food and other items, assist with beverage preparation, and perform cleaning and disinfection tasks. The company also provides related software, deployment and support services, and offers leasing options for some of its robotic systems. Its product lineup includes the ADAM robotic beverage assistant and delivery robots designed for use in restaurants, hotels and similar environments.

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