Richtech Robotics (NASDAQ:RR) Stock Price Down 7.9% – Here’s Why

Richtech Robotics Inc. (NASDAQ:RR) shares dropped 7.9% during trading on Monday . The stock traded as low as $4.34 and last traded at $4.44. Approximately 23,387,375 shares traded hands during trading, an increase of 9% from the average daily volume of 21,491,813 shares. The stock had previously closed at $4.82.

Analyst Upgrades and Downgrades

RR has been the subject of several research reports. 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. Weiss Ratings reiterated a “sell (e+)” rating on shares of Richtech Robotics in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut Richtech Robotics from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Richtech Robotics has an average rating of “Hold” and a consensus target price of $4.50.

Richtech Robotics Stock Down 7.9%

The company has a 50-day moving average of $4.59 and a 200 day moving average of $2.96. The stock has a market capitalization of $665.53 million, a PE ratio of -26.12 and a beta of -4.14.

Richtech Robotics (NASDAQ:RR) last issued its earnings results on Monday, August 11th. The company reported ($0.04) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.04). Richtech Robotics had a negative return on equity of 23.85% and a negative net margin of 366.21%.The business had revenue of $1.18 million during the quarter, compared to the consensus estimate of $1.42 million.

Insider Activity at Richtech Robotics

In other news, COO Phil Zheng sold 100,000 shares of Richtech Robotics stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $5.11, for a total transaction of $511,000.00. Following the transaction, the chief operating officer owned 1,000,000 shares in the company, valued at $5,110,000. The trade was a 9.09% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 19.79% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Concurrent Investment Advisors LLC raised its holdings in shares of Richtech Robotics by 22.4% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 15,542 shares of the company’s stock worth $67,000 after acquiring an additional 2,842 shares during the period. Sovereign Financial Group Inc. purchased a new position in shares of Richtech Robotics during the 3rd quarter worth $43,000. Virtue Capital Management LLC purchased a new position in shares of Richtech Robotics during the 3rd quarter worth $43,000. Brookstone Capital Management purchased a new position in shares of Richtech Robotics during the 3rd quarter worth $46,000. Finally, DNB Asset Management AS raised its holdings in shares of Richtech Robotics by 44.0% during the 2nd quarter. DNB Asset Management AS now owns 39,919 shares of the company’s stock worth $78,000 after acquiring an additional 12,204 shares during the period. Hedge funds and other 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.