Reitar Logtech (NASDAQ:RITR) Shares Up 0.6% - Still a Buy?

Key Points

• Reitar Logtech Holdings Limited shares increased by 0.6%, trading between $5.44 and $5.49 with a total of 445,864 shares exchanged, marking a 32% drop in volume compared to its average.
• Analysts at Wall Street Zen downgraded Reitar Logtech from a "hold" rating to a "sell" rating on August 22nd.
• Several hedge funds, including Geode Capital Management and Citadel Advisors LLC, have recently adjusted their positions in Reitar Logtech, reflecting institutional interest in the stock.

Reitar Logtech Holdings Limited (NASDAQ:RITR - Get Free Report) shares rose 0.6% during mid-day trading on Monday . The company traded as high as $5.49 and last traded at $5.47. Approximately 445,864 shares changed hands during trading, a decline of 32% from the average daily volume of 656,181 shares. The stock had previously closed at $5.44.

Analysts Set New Price Targets

Separately, Wall Street Zen downgraded shares of Reitar Logtech from a "hold" rating to a "sell" rating in a report on Friday, August 22nd.

Reitar Logtech Stock Performance

The business's 50-day simple moving average is $4.57 and its two-hundred day simple moving average is $4.11.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RITR. Citadel Advisors LLC acquired a new position in shares of Reitar Logtech during the fourth quarter worth $115,000. XTX Topco Ltd lifted its position in shares of Reitar Logtech by 134.3% during the first quarter. XTX Topco Ltd now owns 23,938 shares of the company's stock worth $67,000 after purchasing an additional 13,721 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Reitar Logtech during the second quarter worth $51,000. Finally, Geode Capital Management LLC acquired a new position in shares of Reitar Logtech during the second quarter worth $131,000.

About Reitar Logtech

Reitar Logtech Holdings Limited, through its subsidiaries, provides construction management and engineering design services. It operates in two segments, Asset Management and Professional Consultancy Services; and Construction Management and Engineering Design Services. The company provides construction management and engineering design services for cold storage facilities, automated warehouses, renovated offices, and tailor-made electrical systems.