Richtech Robotics (NASDAQ:RR) Stock Price Down 4.1% - Here's What Happened

Key Points

• Richtech Robotics (NASDAQ: RR) shares fell by 4.1%, closing at $5.44, with trading volume significantly up at around 31 million shares compared to an average of 20 million.
• Analysts have mixed ratings on the stock; while Wall Street Zen upgraded it to a "hold," HC Wainwright set a new price target of $6.00, and Weiss Ratings maintained a "sell" rating.
• Richtech reported a quarterly loss of ($0.04) earnings per share, with revenues of $1.18 million falling short of expectations, alongside a negative net margin of 366.21%.

Shares of Richtech Robotics Inc. (NASDAQ:RR - Get Free Report) were down 4.1% during trading on Friday . The stock traded as low as $5.21 and last traded at $5.44. Approximately 31,047,744 shares changed hands during mid-day trading, an increase of 49% from the average daily volume of 20,820,656 shares. The stock had previously closed at $5.67.

Analysts Set New Price Targets

Several analysts have recently commented on RR shares. Wall Street Zen upgraded shares of Richtech Robotics from a "sell" rating to a "hold" rating in a report on Saturday, October 11th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Richtech Robotics in a report on Wednesday, October 8th. Finally, HC Wainwright raised their price objective on shares of Richtech Robotics from $3.50 to $6.00 and gave the stock a "buy" rating in a report on Friday, September 19th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Richtech Robotics currently has an average rating of "Hold" and an average price target of $4.50.

Richtech Robotics Stock Down 4.1%

The stock has a market cap of $815.40 million, a P/E ratio of -32.00 and a beta of -4.14. The business's 50-day simple moving average is $3.87 and its two-hundred day simple moving average is $2.67.

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

Insiders Place Their Bets

In other Richtech Robotics news, COO Phil Zheng sold 100,000 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $5.11, for a total transaction of $511,000.00. Following the completion of the transaction, the chief operating officer owned 1,000,000 shares in the company, valued at $5,110,000. This trade represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 25.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Richtech Robotics

A number of large investors have recently modified their holdings of the company. Sovereign Financial Group Inc. bought a new position in shares of Richtech Robotics in the third quarter valued at approximately $43,000. Brookstone Capital Management bought a new position in shares of Richtech Robotics in the third quarter valued at approximately $46,000. DNB Asset Management AS boosted its position in shares of Richtech Robotics by 44.0% in the second quarter. DNB Asset Management AS now owns 39,919 shares of the company's stock valued at $78,000 after acquiring an additional 12,204 shares during the period. Private Advisor Group LLC bought a new position in shares of Richtech Robotics in the first quarter valued at approximately $25,000. Finally, ProShare Advisors LLC bought a new position in shares of Richtech Robotics in the second quarter valued at approximately $28,000. 0.01% of the stock is currently owned by institutional investors.

About Richtech Robotics

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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