Richtech Robotics (NASDAQ:RR) Sees Strong Trading Volume After Analyst Upgrade

Key Points

• Richtech Robotics (NASDAQ:RR) experienced a significant increase in trading volume after HC Wainwright raised its price target from $3.50 to $6.00, with shares traded reaching over 24 million.
• Despite the upgrade from HC Wainwright, Wall Street Zen downgraded Richtech Robotics from a "hold" rating to a "sell" rating, indicating mixed sentiments among analysts.
• Insider transactions were noted, with COO Phil Zheng selling 100,000 shares at $3.01 per share, reducing his ownership by 8.33%.

Richtech Robotics Inc. (NASDAQ:RR - Get Free Report) saw an uptick in trading volume on Monday after HC Wainwright raised their price target on the stock from $3.50 to $6.00. HC Wainwright currently has a buy rating on the stock. 24,058,598 shares traded hands during trading, an increase of 49% from the previous session's volume of 16,134,285 shares.The stock last traded at $5.01 and had previously closed at $4.45.

Separately, Wall Street Zen lowered Richtech Robotics from a "hold" rating to a "sell" rating in a research report on Sunday, September 7th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $4.50.

Insider Activity

In other Richtech Robotics news, COO Phil Zheng sold 100,000 shares of the stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $3.01, for a total transaction of $301,000.00. Following the sale, the chief operating officer owned 1,100,000 shares in the company, valued at $3,311,000. This represents a 8.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 25.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Richtech Robotics

Several institutional investors have recently made changes to their positions in RR. Geode Capital Management LLC boosted its position in shares of Richtech Robotics by 128.9% in the second quarter. Geode Capital Management LLC now owns 1,463,608 shares of the company's stock valued at $2,854,000 after acquiring an additional 824,253 shares during the period. Bank of America Corp DE lifted its stake in Richtech Robotics by 3,231.2% in the 2nd quarter. Bank of America Corp DE now owns 1,248,742 shares of the company's stock worth $2,435,000 after purchasing an additional 1,211,256 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Richtech Robotics by 4.8% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 862,730 shares of the company's stock valued at $1,682,000 after purchasing an additional 39,249 shares during the period. OMERS ADMINISTRATION Corp purchased a new position in shares of Richtech Robotics during the 1st quarter valued at $703,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Richtech Robotics in the second quarter worth $526,000. Hedge funds and other institutional investors own 0.01% of the company's stock.

Richtech Robotics Price Performance

The stock has a market cap of $830.39 million, a P/E ratio of -32.59 and a beta of -4.49. The firm's fifty day moving average price is $2.57 and its two-hundred day moving average price is $2.23.

Richtech Robotics (NASDAQ:RR - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.04) EPS for the quarter, hitting the consensus estimate of ($0.04). The business had revenue of $1.18 million during the quarter, compared to analysts' expectations of $1.42 million. Richtech Robotics had a negative return on equity of 23.85% and a negative net margin of 366.21%.

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.