Richtech Robotics (NASDAQ:RR) Shares Down 0.6% - Here's What Happened

Key Points

• Richtech Robotics shares fell 0.6% in midday trading to $1.73, with about 5.55 million shares changing hands. The company has a market capitalization of approximately $389 million.
• Analyst sentiment remains mixed, with one Buy, one Hold, and one Sell rating; the consensus rating is Hold, with a target price of $6.00.
• The company authorized a $12 million stock buyback, allowing it to repurchase up to 3.3% of outstanding shares, while institutional investors own just 0.01% of the stock.

Richtech Robotics Inc. (NASDAQ:RR - Get Free Report)'s stock price was down 0.6% during mid-day trading on Tuesday . The stock traded as low as $1.69 and last traded at $1.73. 5,550,316 shares traded hands during mid-day trading, a decline of 5% from the average daily volume of 5,866,940 shares. The stock had previously closed at $1.74.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on RR. Freedom Capital raised Richtech Robotics from a "strong sell" rating to a "hold" rating in a report on Sunday, August 16th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Richtech Robotics in a report on Tuesday, July 21st. Finally, Wall Street Zen lowered shares of Richtech Robotics from a "hold" rating to a "sell" rating in a research report on Saturday, August 29th. One 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. According to data from MarketBeat, Richtech Robotics has a consensus rating of "Hold" and a consensus target price of $6.00.

Richtech Robotics Trading Down 0.6%

The firm has a 50-day simple moving average of $1.67 and a two-hundred day simple moving average of $2.09. The company has a market capitalization of $389.42 million, a price-to-earnings ratio of -28.83 and a beta of -0.58.

Richtech Robotics declared that its Board of Directors has initiated a stock buyback plan 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 shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Institutional Trading of Richtech Robotics

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its position 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 in the last quarter. Royal Bank of Canada increased its holdings in shares of Richtech Robotics by 32.3% during 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 in the last quarter. Cetera Investment Advisers increased 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 valued at $59,000 after purchasing an additional 5,833 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Richtech Robotics by 16.5% in the 2nd quarter. Arizona State Retirement System now owns 50,678 shares of the company's stock valued at $107,000 after purchasing an additional 7,169 shares during the period. Finally, Bogart Wealth LLC lifted its stake in shares of Richtech Robotics by 65.3% in the 1st quarter. Bogart Wealth LLC now owns 20,007 shares of the company's stock valued at $42,000 after purchasing an additional 7,907 shares during the period. 0.01% of the stock is owned by institutional investors and hedge funds.

About Richtech Robotics

Richtech Robotics, Inc NASDAQ: RR develops, manufactures, and deploys artificial intelligence-powered service robots for commercial customers. The company focuses on automating routine tasks in restaurants, hospitality, healthcare, education, and other service-oriented environments.

Its product portfolio includes ADAM, a robotic beverage and bartending system; Matradee and other delivery robots designed to transport food, beverages, and materials; and DUST-E, an autonomous floor-cleaning robot.

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