Richtech Robotics (NASDAQ:RR) Shares Down 5.3% - Here's What Happened

Key Points

• Richtech Robotics shares fell 5.3% to about $3.04 on Thursday (intraday low $3.03) with roughly 21.6M shares traded, about 1% above the average volume.
• Analysts are mixed — two Buy ratings and one Sell yield a MarketBeat consensus of Hold and an average price target of $4.50, while HC Wainwright raised its target to $6.00 and others issued sell views.
• COO Phil Zheng sold 100,000 shares at $5.11 (reducing his stake by 9.09%); insiders now own ~19.8% of the company and institutional ownership is very low (~0.01%).

Shares of Richtech Robotics Inc. (NASDAQ:RR - Get Free Report) were down 5.3% during trading on Thursday . The stock traded as low as $3.03 and last traded at $3.04. Approximately 21,606,940 shares changed hands during mid-day trading, an increase of 1% from the average daily volume of 21,446,313 shares. The stock had previously closed at $3.21.

Analyst Ratings Changes

Several research analysts recently issued reports on RR shares. Wall Street Zen downgraded Richtech Robotics from a "hold" rating to a "sell" rating in a research report on Sunday, October 19th. Weiss Ratings reissued a "sell (e+)" rating on shares of Richtech Robotics in a research report on Wednesday, October 8th. Finally, HC Wainwright upped their price objective on Richtech Robotics from $3.50 to $6.00 and gave the company a "buy" rating in a research report on Friday, September 19th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $4.50.

Richtech Robotics Trading Down 5.3%

The stock's 50 day moving average price is $4.78 and its 200 day moving average price is $3.09. The company has a market cap of $455.67 million, a price-to-earnings ratio of -17.88 and a beta of -4.13.

Insider Activity at Richtech Robotics

In related news, COO Phil Zheng sold 100,000 shares of Richtech Robotics stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $5.11, for a total value of $511,000.00. Following the transaction, the chief operating officer owned 1,000,000 shares in the company, valued at approximately $5,110,000. This trade represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 19.79% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Richtech Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in RR. Private Advisor Group LLC acquired a new stake in Richtech Robotics during the 1st quarter worth approximately $25,000. ProShare Advisors LLC acquired a new position in Richtech Robotics during the second quarter valued at approximately $28,000. Delos Wealth Advisors LLC purchased a new stake in Richtech Robotics during the second quarter worth approximately $29,000. RiverGlades Family Offices LLC acquired a new stake in shares of Richtech Robotics in the second quarter worth $32,000. Finally, Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Richtech Robotics in the 2nd quarter valued at $33,000. 0.01% of the stock is currently owned by institutional investors and hedge funds.

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.

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