Richtech Robotics (NASDAQ:RR) Shares Up 8% After Earnings Beat

Shares of Richtech Robotics Inc. (NASDAQ:RR) were up 8% during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $4.39 and last traded at $4.1690. Approximately 12,656,128 shares were traded during trading, a decline of 57% from the average daily volume of 29,560,357 shares. The stock had previously closed at $3.86.

The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. Richtech Robotics had a negative net margin of 366.21% and a negative return on equity of 23.85%. The firm had revenue of $1.44 million during the quarter, compared to analyst estimates of $1.31 million.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RR. Wall Street Zen lowered Richtech Robotics from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of Richtech Robotics in a research note on Monday, December 22nd. Finally, HC Wainwright reissued a “buy” rating and set a $6.00 price target on shares of Richtech Robotics in a report on Wednesday. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $4.50.

Institutional Trading of Richtech Robotics

Hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. bought a new position in Richtech Robotics during the third quarter valued at about $38,000. Sovereign Financial Group Inc. bought a new stake in Richtech Robotics in the third quarter worth about $43,000. Virtue Capital Management LLC acquired a new stake in Richtech Robotics in the 3rd quarter valued at about $43,000. Rathbones Group PLC bought a new position in shares of Richtech Robotics during the 3rd quarter valued at about $44,000. Finally, Traynor Capital Management Inc. bought a new position in shares of Richtech Robotics during the 4th quarter valued at about $34,000. Institutional investors own 0.01% of the company’s stock.

Richtech Robotics Stock Performance

The company’s 50 day moving average price is $3.64 and its 200-day moving average price is $3.58. The company has a market cap of $631.50 million, a price-to-earnings ratio of -24.82 and a beta of -3.63.

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.