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

Key Points

• Wall Street Zen upgraded Richtech Robotics from “sell” to “hold,” while the broader analyst consensus remains “Hold” with a $6.00 price target.
• Richtech Robotics shares opened at $1.29, near their 52-week low of $1.28, and remain below both their 50-day and 200-day moving averages.
• The company authorized a $12 million share buyback, allowing it to repurchase up to 3.3% of outstanding shares, which may signal management views the stock as undervalued.

Richtech Robotics (NASDAQ:RR - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other research analysts have also weighed in on RR. 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 reiterated a "sell (d-)" rating on shares of Richtech Robotics in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $6.00.

Richtech Robotics Stock Performance

Shares of NASDAQ:RR opened at $1.29 on Friday. Richtech Robotics has a 52 week low of $1.28 and a 52 week high of $6.42. The company has a 50-day moving average price of $1.68 and a 200 day moving average price of $2.01.

Richtech Robotics announced that its board has initiated a share buyback plan on Tuesday, August 25th that permits the company to repurchase $12.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 3.3% of its shares through open market purchases. Share buyback plans are often a sign that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On Richtech Robotics

Hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised its holdings in shares of Richtech Robotics by 738.8% during the first quarter. Bank of America Corp DE now owns 1,847,776 shares of the company's stock worth $3,862,000 after purchasing an additional 1,627,482 shares during the period. Vontobel Holding Ltd. boosted its stake in shares of Richtech Robotics by 18.5% during the 3rd quarter. Vontobel Holding Ltd. now owns 494,582 shares of the company's stock worth $781,000 after acquiring an additional 77,220 shares in the last quarter. Themes Management Co LLC increased its stake in Richtech Robotics by 473.1% in the 1st quarter. Themes Management Co LLC now owns 467,030 shares of the company's stock worth $976,000 after purchasing an additional 385,544 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in 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 worth $853,000 after purchasing an additional 4,542 shares during the period. Finally, Engineers Gate Manager LP acquired a new position in Richtech Robotics during the second quarter valued at $339,000. 0.01% of the stock is currently owned by hedge funds and other institutional investors.

Richtech Robotics Company Profile

Richtech Robotics Inc NASDAQ: RR develops, manufactures and sells service robots and related artificial intelligence technologies. The company focuses on automating routine tasks in hospitality, food service, healthcare and other commercial environments, with offerings designed to support staff and improve operational efficiency.

Its product portfolio includes ADAM, a robotic beverage and service platform; Matradee, an autonomous food-delivery robot; and DUST-E, a robotic floor-cleaning system.

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