Richtech Robotics (NASDAQ:RR) Trading Down 7.7% – Here’s What Happened

Richtech Robotics Inc. (NASDAQ:RR)’s stock price dropped 7.7% on Thursday . The stock traded as low as $3.70 and last traded at $3.72. Approximately 19,731,686 shares traded hands during trading, a decline of 8% from the average daily volume of 21,489,934 shares. The stock had previously closed at $4.03.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Richtech Robotics in a research note on Wednesday, October 8th. HC Wainwright upped their target price on Richtech Robotics from $3.50 to $6.00 and gave the company a “buy” rating in a research report on Friday, September 19th. Finally, Wall Street Zen cut Richtech Robotics from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $4.50.

Richtech Robotics Stock Up 0.5%

The firm has a 50-day moving average of $4.69 and a two-hundred day moving average of $3.01. The stock has a market capitalization of $560.59 million, a price-to-earnings ratio of -22.00 and a beta of -4.13.

Richtech Robotics (NASDAQ:RR) last posted its quarterly 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 net margin of 366.21% and a negative return on equity of 23.85%. The business had revenue of $1.18 million during the quarter, compared to analyst estimates of $1.42 million.

Insider Activity at Richtech Robotics

In other news, COO Phil Zheng sold 100,000 shares of the business’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $5.11, for a total transaction of $511,000.00. Following the transaction, the chief operating officer directly 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 SEC, which is available at this link. 19.79% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Richtech Robotics

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Richtech Robotics by 164.0% during 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 period. Bank of America Corp DE lifted its holdings in shares of Richtech Robotics by 3,231.2% during the second quarter. Bank of America Corp DE now owns 1,248,742 shares of the company’s stock worth $2,435,000 after buying an additional 1,211,256 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Richtech Robotics by 128.9% in the second quarter. Geode Capital Management LLC now owns 1,463,608 shares of the company’s stock valued at $2,854,000 after acquiring an additional 824,253 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Richtech Robotics in the first quarter valued at approximately $1,630,000. Finally, OMERS ADMINISTRATION Corp acquired a new stake in shares of Richtech Robotics in the first quarter worth $703,000. 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.