Richtech Robotics (NASDAQ:RR) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Richtech Robotics (NASDAQ:RR) from a sell rating to a hold rating in a research report released on Saturday morning,Wall Street Zen reports.

A number of other research analysts have also recently commented on the company. Freedom Capital upgraded Richtech Robotics from a “strong sell” rating to a “hold” rating in a research report on Sunday, August 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Richtech Robotics in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Richtech Robotics presently has an average rating of “Hold” and a consensus target price of $6.00.

Richtech Robotics Stock Down 2.3%

Shares of NASDAQ RR opened at $1.26 on Friday. The business has a fifty day moving average price of $1.67 and a two-hundred day moving average price of $2.00. Richtech Robotics has a fifty-two week low of $1.26 and a fifty-two week high of $6.42.

Richtech Robotics announced that its Board of Directors has authorized a share repurchase plan on Tuesday, August 25th that authorizes the company to buy back $12.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 3.3% of its shares through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Bank of America Corp DE grew its position in 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 acquiring an additional 1,627,482 shares during the last quarter. Vontobel Holding Ltd. increased its holdings in Richtech Robotics by 18.5% in the 3rd quarter. Vontobel Holding Ltd. now owns 494,582 shares of the company’s stock worth $781,000 after purchasing an additional 77,220 shares in the last quarter. Themes Management Co LLC increased its holdings in Richtech Robotics by 473.1% in the 1st quarter. Themes Management Co LLC now owns 467,030 shares of the company’s stock worth $976,000 after purchasing an additional 385,544 shares in the last quarter. Bank of New York Mellon Corp raised its position 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 purchasing an additional 4,542 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new position in Richtech Robotics in the second quarter valued at about $339,000. 0.01% of the stock is currently owned by institutional investors and hedge funds.

About Richtech Robotics

Richtech Robotics Inc (NASDAQ: RR) develops, manufactures and sells service robots and related artificial intelligence technologies. The company focuses on automating routine tasks in hospitality, food service, healthcare and other commercial environments, with offerings designed to support staff and improve operational efficiency.

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