Richtech Robotics (NASDAQ:RR) Trading Down 8.8% – What’s Next?

Richtech Robotics Inc. (NASDAQ:RR)’s stock price traded down 8.8% during mid-day trading on Tuesday . The stock traded as low as $3.98 and last traded at $4.05. 28,040,457 shares were traded during trading, an increase of 30% from the average session volume of 21,519,031 shares. The stock had previously closed at $4.44.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. HC Wainwright boosted 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. Wall Street Zen lowered Richtech Robotics from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Richtech Robotics in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $4.50.

Richtech Robotics Stock Down 8.8%

The company has a market cap of $607.05 million, a P/E ratio of -23.82 and a beta of -4.14. The business’s 50 day moving average is $4.63 and its 200 day moving average is $2.97.

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

Insider Buying and Selling

In related news, COO Phil Zheng sold 100,000 shares of the business’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 $5,110,000. The trade was a 9.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 19.79% of the stock is owned by company insiders.

Hedge Funds Weigh In On Richtech Robotics

A number of large investors have recently made changes to their positions in RR. Bank of America Corp DE increased its position 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 purchasing an additional 1,211,256 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Richtech Robotics by 128.9% during the second quarter. Geode Capital Management LLC now owns 1,463,608 shares of the company’s stock worth $2,854,000 after purchasing an additional 824,253 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Richtech Robotics during the first quarter worth $1,630,000. OMERS ADMINISTRATION Corp acquired a new position in shares of Richtech Robotics during the first quarter worth $703,000. Finally, IMC Chicago LLC acquired a new position in shares of Richtech Robotics during the third quarter worth $1,311,000. 0.01% of the stock is 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.