Richtech Robotics (NASDAQ:RR) Stock Price Up 4.3% - Here's What Happened

Key Points

• Richtech Robotics (NASDAQ:RR) saw its stock price increase by 4.3%, reaching a high of $7.05, with trading volume significantly up at 105.7 million shares.
• Analyst ratings for Richtech Robotics include a buy upgrade from HC Wainwright and a sell rating from Weiss Ratings, resulting in an average rating of "Hold" with a target price of $4.50.
• COO Phil Zheng sold 100,000 shares at an average price of $5.11, indicating a 9.09% decrease in his ownership stake in the company.

Richtech Robotics Inc. (NASDAQ:RR - Get Free Report) rose 4.3% on Tuesday . The company traded as high as $7.05 and last traded at $6.73. Approximately 105,735,794 shares changed hands during mid-day trading, an increase of 424% from the average daily volume of 20,182,385 shares. The stock had previously closed at $6.45.

Analyst Upgrades and Downgrades

RR has been the subject of a number of recent research reports. HC Wainwright boosted their target price on Richtech Robotics from $3.50 to $6.00 and gave the company a "buy" rating in a research note on Friday, September 19th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Richtech Robotics in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of Richtech Robotics from a "sell" rating to a "hold" rating in a report on Saturday. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $4.50.

Richtech Robotics Stock Performance

The business has a 50-day simple moving average of $3.61 and a 200 day simple moving average of $2.59. The firm has a market cap of $1.01 billion, a P/E ratio of -39.59 and a beta of -4.14.

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

Insider Buying and Selling

In other Richtech Robotics news, COO Phil Zheng sold 100,000 shares of the company's stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $5.11, for a total value of $511,000.00. Following the completion of the transaction, the chief operating officer directly owned 1,000,000 shares in the company, valued at approximately $5,110,000. This represents a 9.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 25.70% of the company's stock.

Hedge Funds Weigh In On Richtech Robotics

Institutional investors have recently bought and sold shares of the stock. Bank of America Corp DE raised its position in shares of 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 acquiring an additional 1,211,256 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Richtech Robotics by 128.9% in the 2nd quarter. Geode Capital Management LLC now owns 1,463,608 shares of the company's stock worth $2,854,000 after acquiring an additional 824,253 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Richtech Robotics in the 1st quarter worth approximately $1,630,000. OMERS ADMINISTRATION Corp bought a new position in Richtech Robotics in the first quarter worth $703,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Richtech Robotics in the second quarter worth $526,000. 0.01% of the stock is 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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