Richtech Robotics (NASDAQ:RR) Trading 3.8% Higher – Here’s What Happened

Shares of Richtech Robotics Inc. (NASDAQ:RR) shot up 3.8% on Tuesday . The company traded as high as $3.32 and last traded at $3.24. 37,612,167 shares were traded during trading, an increase of 75% from the average session volume of 21,444,412 shares. The stock had previously closed at $3.12.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Wall Street Zen downgraded Richtech Robotics from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Richtech Robotics in a research report on Wednesday, October 8th. Finally, HC Wainwright boosted their price objective 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 equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $4.50.

Richtech Robotics Stock Performance

The stock’s fifty day simple moving average is $4.77 and its two-hundred day simple moving average is $3.09. The stock has a market capitalization of $485.66 million, a P/E ratio of -19.06 and a beta of -4.14.

Insider Transactions at Richtech Robotics

In related news, COO Phil Zheng sold 100,000 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $5,110,000. This trade represents a 9.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 19.79% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Richtech Robotics

A number of hedge funds and other institutional investors have recently made changes to their positions in RR. Concurrent Investment Advisors LLC raised its holdings in Richtech Robotics by 22.4% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 15,542 shares of the company’s stock worth $67,000 after purchasing an additional 2,842 shares during the last quarter. DNB Asset Management AS increased its position in shares of Richtech Robotics by 9.9% during the third quarter. DNB Asset Management AS now owns 43,858 shares of the company’s stock worth $188,000 after buying an additional 3,939 shares during the period. Two Sigma Investments LP raised its stake in Richtech Robotics by 14.3% during the third quarter. Two Sigma Investments LP now owns 35,473 shares of the company’s stock worth $152,000 after buying an additional 4,429 shares during the last quarter. Delos Wealth Advisors LLC lifted its holdings in Richtech Robotics by 30.0% in the third quarter. Delos Wealth Advisors LLC now owns 19,500 shares of the company’s stock valued at $84,000 after buying an additional 4,500 shares during the period. Finally, Russell Investments Group Ltd. bought a new stake in Richtech Robotics during the third quarter valued at $38,000. 0.01% of the stock is owned by institutional investors and hedge funds.

About Richtech Robotics

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.