Richtech Robotics (NASDAQ:RR) Shares Down 5.3% – Here’s Why

Richtech Robotics Inc. (NASDAQ:RR)’s stock price traded down 5.3% on Thursday . The stock traded as low as $3.03 and last traded at $3.04. 21,606,940 shares traded hands during mid-day trading, an increase of 1% from the average session volume of 21,446,313 shares. The stock had previously closed at $3.21.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RR shares. Weiss Ratings restated a “sell (e+)” rating on shares of Richtech Robotics in a report on Wednesday, October 8th. HC Wainwright raised their target price on Richtech Robotics from $3.50 to $6.00 and gave the stock a “buy” rating in a research note on Friday, September 19th. Finally, Wall Street Zen downgraded Richtech Robotics from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Richtech Robotics currently has a consensus rating of “Hold” and a consensus target price of $4.50.

Richtech Robotics Price Performance

The firm has a market capitalization of $449.67 million, a price-to-earnings ratio of -17.65 and a beta of -4.13. The stock has a 50 day moving average price of $4.77 and a two-hundred day moving average price of $3.10.

Insider Activity

In other news, COO Phil Zheng sold 100,000 shares of the firm’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 value of $511,000.00. Following the completion of the transaction, the chief operating officer owned 1,000,000 shares of the company’s stock, valued at approximately $5,110,000. This trade represents a 9.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 19.79% of the company’s stock.

Institutional Investors Weigh In On Richtech Robotics

Hedge funds have recently added to or reduced their stakes in the business. Private Advisor Group LLC acquired a new position in shares of Richtech Robotics in the first quarter worth $25,000. Cary Street Partners Financial LLC grew its stake in Richtech Robotics by 76.5% during the 1st quarter. Cary Street Partners Financial LLC now owns 60,000 shares of the company’s stock worth $119,000 after purchasing an additional 26,000 shares in the last quarter. Charles Schwab Investment Management Inc. purchased a new stake in Richtech Robotics during the 1st quarter worth about $40,000. WealthPlan Investment Management LLC acquired a new stake in Richtech Robotics in the 1st quarter valued at about $257,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in Richtech Robotics in the 1st quarter valued at about $122,000. 0.01% of the stock is currently owned by institutional investors and hedge funds.

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.