Richtech Robotics (NASDAQ:RR) Stock Rating Raised to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Richtech Robotics (NASDAQ:RR) from a sell rating to a hold rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

Several other analysts also recently commented on RR. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Richtech Robotics in a research note on Tuesday, July 21st. Freedom Capital upgraded Richtech Robotics from a “strong sell” rating to a “hold” rating in a research note on Sunday, August 16th. One equities research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the 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 Down 9.2%

NASDAQ RR opened at $1.29 on Friday. Richtech Robotics has a 52-week low of $1.28 and a 52-week high of $6.42. The business’s 50-day moving average price is $1.68 and its 200 day moving average price is $2.01. The firm has a market cap of $290.38 million, a P/E ratio of -21.50 and a beta of -0.46.

Richtech Robotics declared that its board has authorized a share buyback program on Tuesday, August 25th that authorizes the company to buy back $12.00 million in shares. This buyback authorization authorizes the company to reacquire up to 3.3% of its stock through open market purchases. Share buyback programs are typically an indication that the company’s board believes its shares are undervalued.

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 boosted its holdings in Richtech Robotics by 738.8% during the first quarter. Bank of America Corp DE now owns 1,847,776 shares of the company’s stock worth $3,862,000 after buying an additional 1,627,482 shares in the last quarter. Vontobel Holding Ltd. grew its position in Richtech Robotics by 18.5% during the third quarter. Vontobel Holding Ltd. now owns 494,582 shares of the company’s stock worth $781,000 after buying an additional 77,220 shares during the period. Themes Management Co LLC increased its holdings in Richtech Robotics by 473.1% in the first quarter. Themes Management Co LLC now owns 467,030 shares of the company’s stock valued at $976,000 after buying an additional 385,544 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Richtech Robotics by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 408,024 shares of the company’s stock valued at $853,000 after buying an additional 4,542 shares in the last quarter. Finally, Engineers Gate Manager LP purchased a new position in Richtech Robotics in the second quarter valued at about $339,000. Hedge funds and other institutional investors own 0.01% of the company’s stock.

About Richtech Robotics

Richtech Robotics Inc (NASDAQ: RR) develops, manufactures and sells service robots and related artificial intelligence technologies. The company focuses on automating routine tasks in hospitality, food service, healthcare and other commercial environments, with offerings designed to support staff and improve operational efficiency.

Its product portfolio includes ADAM, a robotic beverage and service platform; Matradee, an autonomous food-delivery robot; and DUST-E, a robotic floor-cleaning system.