Richtech Robotics (NASDAQ:RR) Sets New 1-Year High – Here’s Why

Richtech Robotics Inc. (NASDAQ:RR) shares reached a new 52-week high during trading on Friday . The stock traded as high as $5.91 and last traded at $6.02, with a volume of 35797131 shares changing hands. The stock had previously closed at $5.16.

Analyst Ratings Changes

A number of research analysts have issued reports on RR shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Richtech Robotics in a research report on Saturday, September 27th. Wall Street Zen cut shares of Richtech Robotics from a “hold” rating to a “sell” rating in a research note on Sunday, September 7th. Finally, HC Wainwright increased their target price 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. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $4.50.

Richtech Robotics Price Performance

The business has a fifty day moving average of $3.05 and a 200-day moving average of $2.41. The stock has a market capitalization of $926.32 million, a price-to-earnings ratio of -36.35 and a beta of -4.14.

Richtech Robotics (NASDAQ:RR) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.04) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.04). Richtech Robotics had a negative net margin of 366.21% and a negative return on equity of 23.85%. The company had revenue of $1.18 million during the quarter, compared to the consensus estimate of $1.42 million.

Insiders Place Their Bets

In other Richtech Robotics news, COO Phil Zheng sold 100,000 shares of Richtech Robotics stock in a transaction that occurred 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 transaction, the chief operating officer owned 1,000,000 shares in the company, valued at approximately $5,110,000. The trade was a 9.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 25.70% of the company’s stock.

Institutional Investors Weigh In On Richtech Robotics

Large investors have recently modified their holdings of the stock. Centaurus Financial Inc. acquired a new stake in shares of Richtech Robotics during the second quarter worth $47,000. Delos Wealth Advisors LLC purchased a new position in Richtech Robotics in the 2nd quarter worth about $29,000. Bank of America Corp DE raised its holdings in Richtech Robotics by 3,231.2% during the 2nd quarter. Bank of America Corp DE now owns 1,248,742 shares of the company’s stock worth $2,435,000 after buying an additional 1,211,256 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Richtech Robotics by 4.8% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 862,730 shares of the company’s stock worth $1,682,000 after buying an additional 39,249 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in Richtech Robotics during the second quarter valued at about $47,000. 0.01% of the stock is owned by institutional investors.

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.