Richtech Robotics (NASDAQ:RR) Trading Down 8.2% – Here’s Why

Richtech Robotics Inc. (NASDAQ:RR) shares were down 8.2% on Thursday . The stock traded as low as $3.20 and last traded at $3.26. Approximately 15,007,718 shares were traded during trading, a decline of 30% from the average daily volume of 21,417,350 shares. The stock had previously closed at $3.55.

Analysts Set New Price Targets

Several research firms have commented on RR. HC Wainwright boosted their target price on shares of Richtech Robotics from $3.50 to $6.00 and gave the stock a “buy” rating in a research report on Friday, September 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Richtech Robotics in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut Richtech Robotics from a “hold” rating to a “sell” rating in a research report on Sunday, October 19th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Richtech Robotics has a consensus rating of “Hold” and an average target price of $4.50.

Richtech Robotics Stock Up 2.8%

The company has a 50-day moving average price of $4.77 and a 200-day moving average price of $3.07. The company has a market capitalization of $502.13 million, a price-to-earnings ratio of -19.70 and a beta of -4.13.

Insider Buying and Selling

In other news, COO Phil Zheng sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $5.11, for a total transaction of $511,000.00. Following the completion of the transaction, the chief operating officer directly owned 1,000,000 shares in the company, valued at $5,110,000. The trade was a 9.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 19.79% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Richtech Robotics

Several large investors have recently bought and sold shares of the stock. Private Advisor Group LLC bought a new stake in Richtech Robotics in the first quarter valued at about $25,000. ProShare Advisors LLC acquired a new position in Richtech Robotics during the 2nd quarter worth $28,000. Delos Wealth Advisors LLC bought a new position in Richtech Robotics in the second quarter valued at about $29,000. RiverGlades Family Offices LLC acquired a new stake in shares of Richtech Robotics during the 2nd quarter worth approximately $32,000. Finally, Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Richtech Robotics during the 2nd quarter valued at $33,000. 0.01% of the stock is currently owned by institutional investors and hedge funds.

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.