Richtech Robotics (NASDAQ:RR) Shares Up 9% – Time to Buy?

Richtech Robotics Inc. (NASDAQ:RR) shares were up 9% during trading on Monday . The stock traded as high as $3.30 and last traded at $3.27. Approximately 17,400,162 shares were traded during trading, a decline of 19% from the average daily volume of 21,425,113 shares. The stock had previously closed at $3.00.

Analysts Set New Price Targets

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

Richtech Robotics Stock Up 9.0%

The stock has a 50-day moving average of $4.76 and a 200 day moving average of $3.12. The stock has a market cap of $490.14 million, a PE ratio of -19.23 and a beta of -4.14.

Insider Activity at Richtech Robotics

In other news, COO Phil Zheng sold 100,000 shares of the business’s 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 transaction, the chief operating officer owned 1,000,000 shares of the company’s stock, valued at approximately $5,110,000. The trade was a 9.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 19.79% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Richtech Robotics

Several hedge funds and other institutional investors have recently bought and sold shares of RR. Private Advisor Group LLC purchased a new position in Richtech Robotics during the first quarter worth about $25,000. Cary Street Partners Financial LLC increased its holdings in shares of Richtech Robotics by 76.5% during the 1st quarter. Cary Street Partners Financial LLC now owns 60,000 shares of the company’s stock worth $119,000 after buying an additional 26,000 shares during the last quarter. Charles Schwab Investment Management Inc. acquired a new stake in shares of Richtech Robotics during the 1st quarter worth approximately $40,000. WealthPlan Investment Management LLC purchased a new stake in shares of Richtech Robotics during the 1st quarter valued at approximately $257,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Richtech Robotics in the first quarter valued at approximately $122,000. 0.01% of the stock is currently 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.