Richtech Robotics (NASDAQ:RR) Trading Up 9.5% – Here’s Why

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

Analysts Set New Price Targets

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

Richtech Robotics Trading Down 3.4%

The firm has a market cap of $518.63 million, a price-to-earnings ratio of -20.35 and a beta of -4.13. The firm’s 50-day moving average is $4.74 and its 200-day moving average is $3.14.

Insider Activity at Richtech Robotics

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 value of $511,000.00. Following the sale, the chief operating officer owned 1,000,000 shares in the company, valued at $5,110,000. This represents 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 insiders.

Institutional Trading of Richtech Robotics

Institutional investors and hedge funds have recently modified their holdings of the stock. Private Advisor Group LLC purchased a new position in Richtech Robotics during the 1st quarter worth $25,000. ProShare Advisors LLC bought a new position in shares of Richtech Robotics during the second quarter valued at about $28,000. Delos Wealth Advisors LLC purchased a new position in Richtech Robotics during the second quarter worth about $29,000. RiverGlades Family Offices LLC purchased a new position in Richtech Robotics during the second quarter worth about $32,000. Finally, Police & Firemen s Retirement System of New Jersey bought a new stake in Richtech Robotics in the 2nd quarter worth about $33,000. 0.01% of the stock is owned by hedge funds and other institutional investors.

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.