Richtech Robotics (NASDAQ:RR) Upgraded to "Hold" at Wall Street Zen

Key Points

• Richtech Robotics has been upgraded from a "sell" rating to a "hold" rating by analysts at Wall Street Zen, indicating a more favorable outlook for the stock.
• Despite the upgrade, the stock price recently saw a decline of 9.3% and currently has an average target price of $4.50, with a market cap of approximately $887.35 million.
• Institutional investors have significantly increased their holdings in Richtech Robotics, with Bank of America Corp DE boosting its shares by 3,231.2%, demonstrating growing interest from larger investment firms.

Richtech Robotics (NASDAQ:RR - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

Several other analysts have also issued reports on RR. HC Wainwright boosted their price target on shares of Richtech Robotics from $3.50 to $6.00 and gave the company a "buy" rating in a research report on Friday, September 19th. Weiss Ratings reissued a "sell (e+)" rating on shares of Richtech Robotics in a research report on Wednesday. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Richtech Robotics has an average rating of "Hold" and an average target price of $4.50.

Richtech Robotics Stock Down 9.3%

RR opened at $5.92 on Friday. The stock has a market cap of $887.35 million, a price-to-earnings ratio of -34.82 and a beta of -4.14. Richtech Robotics has a twelve month low of $0.52 and a twelve month high of $7.43. The company's 50-day moving average price is $3.52 and its two-hundred day moving average price is $2.56.

Richtech Robotics (NASDAQ:RR - Get Free Report) last released its 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 analysts' expectations of $1.42 million.

Insiders Place Their Bets

In related news, COO Phil Zheng sold 100,000 shares of the company's stock in a transaction that occurred on 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 owned 1,000,000 shares of the company's stock, valued at approximately $5,110,000. This represents a 9.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 25.70% of the company's stock.

Hedge Funds Weigh In On Richtech Robotics

A number of institutional investors have recently made changes to their positions in RR. Bank of America Corp DE increased its holdings 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 buying an additional 1,211,256 shares during the last quarter. Geode Capital Management LLC increased its holdings 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 buying an additional 824,253 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Richtech Robotics in the 1st quarter worth $1,630,000. OMERS ADMINISTRATION Corp bought a new position in shares of Richtech Robotics in the 1st quarter worth $703,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Richtech Robotics in the 2nd quarter worth $526,000. Institutional investors own 0.01% of the company's stock.

Richtech Robotics Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.