Richtech Robotics (NASDAQ:RR) Stock Moved Down to Sell by Wall Street Zen

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

A number of other equities analysts have also weighed in on RR. Weiss Ratings reissued a “sell (d-)” rating on shares of Richtech Robotics in a research note on Monday, October 19th. Freedom Capital upgraded Richtech Robotics from a “strong sell” rating to a “hold” rating in a report on Sunday, August 16th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Richtech Robotics presently has an average rating of “Hold” and a consensus price target of $6.00.

Richtech Robotics Stock Performance

NASDAQ:RR opened at $0.89 on Friday. Richtech Robotics has a one year low of $0.80 and a one year high of $5.60. The stock has a market cap of $200.43 million, a PE ratio of -14.84 and a beta of -0.17. The stock has a 50 day moving average price of $1.47 and a 200 day moving average price of $2.15.

Richtech Robotics declared that its Board of Directors has approved a share repurchase program on Tuesday, August 25th that permits the company to buy back $12 million in shares. This buyback authorization permits the company to purchase up to 3.3% of its shares through open market purchases. Share buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Richtech Robotics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bank of America Corp DE increased its holdings in shares of Richtech Robotics by 738.8% during the 1st 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 during the last quarter. Themes Management Co LLC raised its position in shares of Richtech Robotics by 473.1% during the 1st 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 during the period. Bank of New York Mellon Corp lifted 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 acquiring an additional 4,542 shares during the last quarter. Vontobel Holding Ltd. lifted its holdings in Richtech Robotics by 18.5% in the third quarter. Vontobel Holding Ltd. now owns 494,582 shares of the company’s stock valued at $781,000 after acquiring an additional 77,220 shares during the last quarter. Finally, Engineers Gate Manager LP purchased a new position in Richtech Robotics in the second quarter worth approximately $339,000. 0.01% of the stock is currently owned by institutional investors and hedge funds.

About Richtech Robotics

Richtech Robotics Corporation (NASDAQ: RR) develops, manufactures and deploys service robots designed to support businesses in hospitality, healthcare, education, retail and other commercial settings. The company combines robotics, artificial intelligence and automation to help customers perform tasks such as food and beverage service, delivery, cleaning and material handling.

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