Richtech Robotics (NASDAQ:RR) Shares Down 5.3% – Here’s What Happened

Richtech Robotics Inc. (NASDAQ:RR) shares fell 5.3% during trading on Thursday . The company traded as low as $3.03 and last traded at $3.04. 21,606,940 shares were traded during trading, an increase of 1% from the average session volume of 21,446,313 shares. The stock had previously closed at $3.21.

Analyst Ratings Changes

Several brokerages have recently weighed in on RR. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Richtech Robotics in a research report on Wednesday, October 8th. HC Wainwright increased their price objective 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 lowered shares of Richtech Robotics from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Richtech Robotics has an average rating of “Hold” and an average target price of $4.50.

Richtech Robotics Stock Performance

The firm has a fifty day simple moving average of $4.78 and a 200-day simple moving average of $3.09. The company has a market capitalization of $455.67 million, a PE ratio of -17.88 and a beta of -4.13.

Insider Activity

In related news, COO Phil Zheng sold 100,000 shares of the company’s stock in a transaction on 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 directly owned 1,000,000 shares of the company’s stock, valued at $5,110,000. This represents a 9.09% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 19.79% of the company’s stock.

Institutional Inflows and Outflows

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