Richtech Robotics (NASDAQ:RR) Stock Price Up 4.6% - Here's Why

Key Points

• Richtech Robotics shares rose 4.6% to $3.525 (intraday high $3.65) on Wednesday, with about 6.999 million shares traded, roughly 68% below its average daily volume.
• Analyst sentiment is mixed: HC Wainwright upgraded the stock to a Buy and raised its target to $6, while other firms issued Sell ratings; the consensus remains a "Hold" with an average price target of $4.50.
• The company, which develops service-industry delivery and cleaning robots, has a market cap of about $537 million and a negative P/E (-21.09), with a 50-day moving average ($4.16) above its 200-day ($3.34).

Richtech Robotics Inc. (NASDAQ:RR - Get Free Report)'s share price rose 4.6% on Wednesday . The company traded as high as $3.65 and last traded at $3.5250. Approximately 6,999,906 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 22,047,822 shares. The stock had previously closed at $3.37.

Analysts Set New Price Targets

RR has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Richtech Robotics in a research note on Monday. HC Wainwright lifted their target price on Richtech Robotics from $3.50 to $6.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. Finally, Wall Street Zen cut shares of Richtech Robotics from a "hold" rating to a "sell" rating in a report on Sunday, October 19th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $4.50.

Richtech Robotics Price Performance

The business has a 50-day moving average of $4.16 and a two-hundred day moving average of $3.34. The company has a market cap of $537.36 million, a P/E ratio of -21.09 and a beta of -3.82.

Institutional Investors Weigh In On Richtech Robotics

A number of institutional investors and hedge funds have recently modified their holdings of RR. IFP Advisors Inc increased its holdings in Richtech Robotics by 611.5% in the 3rd quarter. IFP Advisors Inc now owns 35,575 shares of the company's stock worth $153,000 after buying an additional 30,575 shares during the period. Penn Capital Management Company LLC acquired a new stake in shares of Richtech Robotics in the third quarter worth $203,000. CIBC Bancorp USA Inc. purchased a new position in shares of Richtech Robotics during the third quarter worth $49,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Richtech Robotics by 375.7% during the third quarter. Caitong International Asset Management Co. Ltd now owns 80,927 shares of the company's stock worth $347,000 after purchasing an additional 63,915 shares during the last quarter. Finally, Scientech Research LLC acquired a new position in Richtech Robotics during the third quarter valued at $587,000. Institutional investors and hedge funds own 0.01% of the company's stock.

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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