Richtech Robotics (NASDAQ:RR) Shares Gap Up – Here’s Why

Richtech Robotics Inc. (NASDAQ:RR) shares gapped up prior to trading on Thursday . The stock had previously closed at $3.21, but opened at $3.48. Richtech Robotics shares last traded at $3.4650, with a volume of 2,963,419 shares trading hands.

Wall Street Analyst Weigh In

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

Richtech Robotics Trading Down 1.9%

The stock has a market cap of $472.00 million, a price-to-earnings ratio of -18.56 and a beta of -4.13. The stock’s 50 day moving average is $4.78 and its two-hundred day moving average is $3.09.

Insider Activity at Richtech Robotics

In other news, COO Phil Zheng sold 100,000 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $5.11, for a total transaction of $511,000.00. Following the completion of the sale, the chief operating officer owned 1,000,000 shares in the company, valued at approximately $5,110,000. This represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 19.79% of the company’s stock.

Institutional Trading of Richtech Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in RR. Caitong International Asset Management Co. Ltd increased its holdings in shares of Richtech Robotics by 375.7% in the third quarter. Caitong International Asset Management Co. Ltd now owns 80,927 shares of the company’s stock valued at $347,000 after purchasing an additional 63,915 shares during the period. Scientech Research LLC purchased a new position in Richtech Robotics during the 3rd quarter worth $587,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Richtech Robotics by 3.9% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 896,059 shares of the company’s stock worth $3,844,000 after acquiring an additional 33,329 shares during the period. Delos Wealth Advisors LLC lifted its stake in shares of Richtech Robotics by 30.0% in the 3rd quarter. Delos Wealth Advisors LLC now owns 19,500 shares of the company’s stock worth $84,000 after acquiring an additional 4,500 shares during the period. Finally, Clear Street Group Inc. purchased a new stake in shares of Richtech Robotics in the third quarter valued at about $239,000. 0.01% of the stock is owned by hedge funds and other institutional investors.

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.