Richtech Robotics (NASDAQ:RR) Trading 9.5% Higher – Here’s What Happened

Shares of Richtech Robotics Inc. (NASDAQ:RR) were up 9.5% during trading on Tuesday . The stock traded as high as $3.62 and last traded at $3.58. Approximately 21,520,612 shares were traded during trading, an increase of 0% from the average daily volume of 21,426,912 shares. The stock had previously closed at $3.27.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on RR shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Richtech Robotics in a report on Monday. HC Wainwright increased their price objective on Richtech Robotics from $3.50 to $6.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. Finally, Wall Street Zen downgraded Richtech Robotics from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Richtech Robotics currently has a consensus rating of “Hold” and an average target price of $4.50.

Richtech Robotics Trading Up 9.5%

The stock has a market cap of $536.61 million, a P/E ratio of -21.06 and a beta of -4.14. The stock has a 50 day simple moving average of $4.76 and a 200 day simple moving average of $3.12.

Insider Buying and Selling

In related 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 completion of the sale, the chief operating officer owned 1,000,000 shares of the company’s stock, valued at $5,110,000. This represents a 9.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 19.79% of the stock is currently owned by company insiders.

Institutional Trading of Richtech Robotics

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Richtech Robotics by 164.0% in the third quarter. Vanguard Group Inc. now owns 4,612,887 shares of the company’s stock valued at $19,789,000 after acquiring an additional 2,865,386 shares during the last quarter. Geode Capital Management LLC increased its stake 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 valued at $2,854,000 after purchasing an additional 824,253 shares during the last quarter. Bank of America Corp DE increased its stake 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 valued at $2,435,000 after purchasing an additional 1,211,256 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Richtech Robotics by 3.9% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 896,059 shares of the company’s stock worth $3,844,000 after buying an additional 33,329 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its position in shares of Richtech Robotics by 8,471.0% during the 3rd quarter. Raymond James Financial Inc. now owns 504,830 shares of the company’s stock worth $2,166,000 after buying an additional 498,940 shares during the last quarter. 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.