Stock Traders Buy Large Volume of Call Options on Richtech Robotics (NASDAQ:RR)

Richtech Robotics Inc. (NASDAQ:RR) saw unusually large options trading on Tuesday. Stock investors purchased 26,355 call options on the company. This represents an increase of approximately 62% compared to the average daily volume of 16,269 call options.

Richtech Robotics Price Performance

NASDAQ RR opened at $1.97 on Wednesday. Richtech Robotics has a 1 year low of $1.30 and a 1 year high of $7.43. The company has a market capitalization of $443.45 million, a PE ratio of -32.83 and a beta of -0.65. The company has a fifty day moving average of $1.75 and a 200 day moving average of $2.25.

Richtech Robotics declared that its Board of Directors has initiated a stock buyback plan on Tuesday, August 25th that authorizes the company to repurchase $12.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

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

Institutional Trading of Richtech Robotics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Richtech Robotics during the first quarter valued at approximately $1,630,000. Goldman Sachs Group Inc. acquired a new stake in shares of Richtech Robotics during the 1st quarter worth approximately $459,000. Geode Capital Management LLC increased its holdings in shares of Richtech Robotics by 128.9% during the 2nd quarter. Geode Capital Management LLC now owns 1,463,608 shares of the company’s stock valued at $2,854,000 after purchasing an additional 824,253 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Richtech Robotics by 71.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 78,489 shares of the company’s stock valued at $153,000 after purchasing an additional 32,684 shares in the last quarter. Finally, New York State Common Retirement Fund acquired a new position in shares of Richtech Robotics in the 2nd quarter valued at $95,000. 0.01% of the stock is 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.