Richtech Robotics (NASDAQ:RR) Trading 9% Higher – Here’s Why

Shares of Richtech Robotics Inc. (NASDAQ:RR) traded up 9% on Monday . The company traded as high as $3.30 and last traded at $3.27. 17,400,162 shares were traded during mid-day trading, a decline of 19% from the average session volume of 21,425,113 shares. The stock had previously closed at $3.00.

Analyst Ratings Changes

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

Richtech Robotics Trading Down 3.4%

The company’s 50-day moving average price is $4.74 and its 200 day moving average price is $3.14.

Insider Buying and Selling

In other Richtech Robotics news, COO Phil Zheng sold 100,000 shares of Richtech Robotics 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 directly owned 1,000,000 shares in the company, valued at $5,110,000. This trade represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 19.79% of the stock is owned by insiders.

Institutional Trading of Richtech Robotics

Several hedge funds have recently modified their holdings of the stock. Private Advisor Group LLC acquired a new position in Richtech Robotics during the 1st quarter worth $25,000. ProShare Advisors LLC acquired a new position in shares of Richtech Robotics during the second quarter worth about $28,000. Delos Wealth Advisors LLC purchased a new stake in shares of Richtech Robotics during the second quarter worth approximately $29,000. RiverGlades Family Offices LLC acquired a new stake in Richtech Robotics in the second quarter valued at approximately $32,000. Finally, Police & Firemen s Retirement System of New Jersey purchased a new position in Richtech Robotics in the second quarter worth approximately $33,000. 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.