Richtech Robotics (NASDAQ:RR) to Buyback $12.00 million in Outstanding Stock

Richtech Robotics (NASDAQ:RR) announced that its board has authorized a share 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 reacquire up to 3.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Richtech Robotics Stock Up 21.6%

Shares of Richtech Robotics stock traded up $0.35 during trading on Tuesday, reaching $1.97. The company’s stock had a trading volume of 17,368,643 shares, compared to its average volume of 4,902,496. Richtech Robotics has a 52-week low of $1.30 and a 52-week high of $7.43. The firm’s 50-day moving average is $1.75 and its two-hundred day moving average is $2.25. The company has a market cap of $443.45 million, a price-to-earnings ratio of -32.83 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.