Share Buyback Plan Authorized by Richtech Robotics (NASDAQ:RR) Board

Richtech Robotics (NASDAQ:RR) announced that its Board of Directors has approved a stock buyback plan on Tuesday, August 25th, RTT News reports. The company plans to buyback $12.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 3.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RR shares. Wall Street Zen raised shares of Richtech Robotics from a “strong sell” rating to a “hold” rating in a report on Saturday, August 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Richtech Robotics in a report on Tuesday, July 21st. Finally, Freedom Capital upgraded shares of Richtech Robotics from a “strong sell” rating to a “hold” rating in a research report on Sunday, August 16th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $6.00.

Richtech Robotics Stock Performance

NASDAQ RR opened at $1.95 on Friday. The business’s 50 day moving average price is $1.74 and its 200-day moving average price is $2.23. Richtech Robotics has a fifty-two week low of $1.30 and a fifty-two week high of $7.43. The company has a market cap of $438.94 million, a P/E ratio of -32.50 and a beta of -0.65.

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.