Richtech Robotics (NASDAQ:RR) Shares Down 3.4% – Time to Sell?

Richtech Robotics Inc. (NASDAQ:RR)’s stock price dropped 3.4% during mid-day trading on Wednesday . The stock traded as low as $3.45 and last traded at $3.46. Approximately 18,324,091 shares traded hands during trading, a decline of 14% from the average daily volume of 21,414,797 shares. The stock had previously closed at $3.58.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RR. Wall Street Zen cut Richtech Robotics from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. HC Wainwright raised their price target on Richtech Robotics from $3.50 to $6.00 and gave the company a “buy” rating in a report on Friday, September 19th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Richtech Robotics in a report on Monday. Two 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.com, the company has an average rating of “Hold” and an average target price of $4.50.

Richtech Robotics Price Performance

The company’s 50-day moving average price is $4.75 and its 200-day moving average price is $3.14. The company has a market cap of $518.62 million, a P/E ratio of -20.35 and a beta of -4.13.

Insider Activity

In other Richtech Robotics news, COO Phil Zheng sold 100,000 shares of Richtech Robotics stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $5.11, for a total value of $511,000.00. Following the sale, the chief operating officer owned 1,000,000 shares of the company’s stock, valued at $5,110,000. This trade represents a 9.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 19.79% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Penn Capital Management Company LLC acquired a new stake in Richtech Robotics in the 3rd quarter valued at approximately $203,000. CIBC Bancorp USA Inc. bought a new position in shares of Richtech Robotics during the 3rd quarter worth approximately $49,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Richtech Robotics by 375.7% in the third quarter. Caitong International Asset Management Co. Ltd now owns 80,927 shares of the company’s stock valued at $347,000 after purchasing an additional 63,915 shares during the last quarter. Scientech Research LLC bought a new stake in shares of Richtech Robotics in the third quarter worth $587,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Richtech Robotics by 3.9% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 896,059 shares of the company’s stock worth $3,844,000 after purchasing an additional 33,329 shares during the last quarter. 0.01% of the stock is currently owned by institutional investors.

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.