Richtech Robotics (NASDAQ:RR) Trading Down 9.3% - Time to Sell?

Key Points

• Richtech Robotics shares fell by 9.3% on Friday, reaching a low of $5.89 and closing at $5.92, significantly above the average trading volume.
• Weiss Ratings issued a "sell" rating, while two analysts gave it a "buy" rating, and the consensus price target is $4.50.
• COO Phil Zheng sold 100,000 shares at an average price of $5.11, resulting in a reduction of his ownership by 9.09%.

Richtech Robotics Inc. (NASDAQ:RR - Get Free Report) shares were down 9.3% during mid-day trading on Friday . The stock traded as low as $5.89 and last traded at $5.92. Approximately 51,534,813 shares were traded during trading, an increase of 163% from the average daily volume of 19,567,900 shares. The stock had previously closed at $6.53.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Weiss Ratings reissued a "sell (e+)" rating on shares of Richtech Robotics in a research note on Wednesday. Wall Street Zen downgraded Richtech Robotics from a "hold" rating to a "sell" rating in a research report on Sunday, September 7th. Finally, HC Wainwright boosted their price target on Richtech Robotics from $3.50 to $6.00 and gave the stock a "buy" rating in a research report on Friday, September 19th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $4.50.

Richtech Robotics Price Performance

The firm has a market cap of $887.37 million, a P/E ratio of -34.82 and a beta of -4.14. The stock's 50 day moving average is $3.43 and its two-hundred day moving average is $2.53.

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

Insiders Place Their Bets

In other Richtech Robotics news, COO Phil Zheng sold 100,000 shares of the company's 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 sale, the chief operating officer directly owned 1,000,000 shares of the company's stock, valued at approximately $5,110,000. This represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 25.70% of the company's stock.

Institutional Investors Weigh In On Richtech Robotics

A number of hedge funds have recently added to or reduced their stakes in the stock. Centaurus Financial Inc. bought a new stake in shares of Richtech Robotics during the second quarter valued at approximately $47,000. Delos Wealth Advisors LLC bought a new position in Richtech Robotics in the 2nd quarter valued at $29,000. Bank of America Corp DE boosted 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 buying an additional 1,211,256 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 buying an additional 39,249 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in Richtech Robotics in the 2nd quarter valued at $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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