Richtech Robotics (NASDAQ:RR) Trading 5.7% Higher - What's Next?

Key Points

• Richtech Robotics Inc. shares rose by 5.7% to $3.41, with a significant trading volume of 26.8 million shares, surpassing the average volume of nearly 15 million.
• Analysts have downgraded the stock from a "hold" to a "sell" rating, while the consensus rating remains a "Buy" with a target price of $3.25.
• Insider reports indicate that COO Phil Zheng sold 100,000 shares at $3.01, reducing his overall stake in the company by 8.33%.

Richtech Robotics Inc. (NASDAQ:RR - Get Free Report) shares traded up 5.7% during trading on Friday . The company traded as high as $3.49 and last traded at $3.41. 26,800,020 shares traded hands during trading, an increase of 79% from the average session volume of 14,933,622 shares. The stock had previously closed at $3.22.

Analysts Set New Price Targets

Separately, Wall Street Zen cut shares of Richtech Robotics from a "hold" rating to a "sell" rating in a research report on Sunday, September 7th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Richtech Robotics currently has a consensus rating of "Buy" and a consensus target price of $3.25.

Richtech Robotics Stock Performance

The stock has a market cap of $499.90 million, a P/E ratio of -19.68 and a beta of -4.46. The stock's fifty day simple moving average is $2.24 and its 200-day simple moving average is $2.11.

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, hitting 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 company had revenue of $1.18 million during the quarter, compared to the consensus estimate of $1.42 million.

Insider Buying and Selling at Richtech Robotics

In other news, COO Phil Zheng sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $3.01, for a total transaction of $301,000.00. Following the completion of the sale, the chief operating officer owned 1,100,000 shares of the company's stock, valued at approximately $3,311,000. This represents a 8.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 41.30% of the company's stock.

Hedge Funds Weigh In On Richtech Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Centaurus Financial Inc. acquired a new position in Richtech Robotics in the 2nd quarter valued at approximately $47,000. Delos Wealth Advisors LLC acquired a new position in Richtech Robotics in the 2nd quarter valued at approximately $29,000. Bank of America Corp DE increased its position in 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 valued at $2,435,000 after acquiring an additional 1,211,256 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Richtech Robotics by 4.8% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 862,730 shares of the company's stock valued at $1,682,000 after acquiring an additional 39,249 shares during the period. Finally, The Manufacturers Life Insurance Company acquired a new position in Richtech Robotics in the 2nd quarter valued at approximately $47,000. Institutional investors 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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