Richtech Robotics (NASDAQ:RR) Trading 2.2% Higher - Time to Buy?

Key Points

• Richtech Robotics Inc. (NASDAQ:RR) saw its stock increase by 2.2%, trading at $5.56 after reaching a high of $5.73 during mid-day trading with an 86% increase in trading volume.
• Analyst ratings vary, with Wall Street Zen downgrading the stock to a sell rating, while HC Wainwright increased its target price from $3.50 to $6.00 and rated it as a buy, resulting in a consensus rating of "Hold".
• COO Phil Zheng sold 100,000 shares at $5.11, reducing his ownership by 9.09%, following recent gains in institutional investments from companies like Bank of America, which increased its stake by over 3,200%.

Richtech Robotics Inc. (NASDAQ:RR - Get Free Report)'s stock price traded up 2.2% during mid-day trading on Monday . The stock traded as high as $5.73 and last traded at $5.56. 38,956,775 shares traded hands during trading, an increase of 86% from the average session volume of 20,911,867 shares. The stock had previously closed at $5.44.

Wall Street Analysts Forecast Growth

RR has been the topic of a number of recent analyst reports. Wall Street Zen cut Richtech Robotics from a "hold" rating to a "sell" rating in a report on Sunday. Weiss Ratings restated a "sell (e+)" rating on shares of Richtech Robotics in a research report on Wednesday, October 8th. Finally, 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 report on Friday, September 19th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $4.50.

Richtech Robotics Stock Performance

The firm has a market capitalization of $833.39 million, a PE ratio of -32.70 and a beta of -4.14. The firm's 50 day moving average price is $4.01 and its 200-day moving average price is $2.73.

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

Insider Activity at Richtech Robotics

In other news, COO Phil Zheng sold 100,000 shares of the firm's stock in a transaction on Monday, September 22nd. The stock was 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 directly 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. 25.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Richtech Robotics

Several institutional investors have recently modified their holdings of the company. Bank of America Corp DE lifted its position in Richtech Robotics by 3,231.2% in the second quarter. Bank of America Corp DE now owns 1,248,742 shares of the company's stock valued at $2,435,000 after acquiring an additional 1,211,256 shares during the last quarter. Geode Capital Management LLC increased its holdings in 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 buying an additional 824,253 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Richtech Robotics in the first quarter valued at about $1,630,000. OMERS ADMINISTRATION Corp purchased a new position in Richtech Robotics in the first quarter valued at about $703,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Richtech Robotics in the second quarter valued at approximately $526,000. 0.01% of the stock is owned by hedge funds and other 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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