Richtech Robotics Inc. $RR Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Richtech Robotics stake by 738.8% in the first quarter, adding 1.63 million shares to own 1.85 million shares valued at approximately $3.86 million.
• Other institutions, including Mirae Asset, Goldman Sachs, Geode Capital, and JPMorgan, also increased or initiated positions, although institutional investors collectively own only 0.01% of the company.
• Richtech Robotics authorized a $12 million share repurchase program covering up to 3.3% of its stock. Shares recently traded at $1.83, while analysts maintain a consensus “Hold” rating with a $6.00 average price target.

Bank of America Corp DE raised its position in Richtech Robotics Inc. (NASDAQ:RR - Free Report) by 738.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,847,776 shares of the company's stock after purchasing an additional 1,627,482 shares during the period. Bank of America Corp DE owned about 0.86% of Richtech Robotics worth $3,862,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Richtech Robotics in the first quarter worth approximately $1,630,000. Goldman Sachs Group Inc. purchased a new position in Richtech Robotics in the first quarter valued at about $459,000. Geode Capital Management LLC boosted its holdings in Richtech Robotics by 128.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,463,608 shares of the company's stock worth $2,854,000 after acquiring an additional 824,253 shares during the period. JPMorgan Chase & Co. grew its holdings in Richtech Robotics by 71.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 78,489 shares of the company's stock valued at $153,000 after purchasing an additional 32,684 shares in the last quarter. Finally, New York State Common Retirement Fund purchased a new stake in shares of Richtech Robotics during the second quarter worth about $95,000. Institutional investors and hedge funds own 0.01% of the company's stock.

Richtech Robotics Price Performance

Shares of RR opened at $1.83 on Friday. The company has a 50-day moving average of $1.73 and a two-hundred day moving average of $2.22. Richtech Robotics Inc. has a one year low of $1.30 and a one year high of $7.43. The stock has a market cap of $411.93 million, a price-to-earnings ratio of -30.50 and a beta of -0.65.

Richtech Robotics announced that its board has initiated a share repurchase program on Tuesday, August 25th that authorizes the company to repurchase $12.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RR. Wall Street Zen lowered shares of Richtech Robotics from a "hold" rating to a "sell" rating in a report on Saturday. Freedom Capital raised shares of Richtech Robotics from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 16th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Richtech Robotics in a research note 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. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $6.00.

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.

Want to see what other hedge funds are holding RR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Richtech Robotics Inc. (NASDAQ:RR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source