Richtech Robotics (NASDAQ:RR) Trading Up 8% – Here’s What Happened

Richtech Robotics Inc. (NASDAQ:RR)’s stock price rose 8% during trading on Thursday . The company traded as high as $3.74 and last traded at $3.6950. Approximately 7,338,915 shares changed hands during trading, a decline of 68% from the average daily volume of 23,089,547 shares. The stock had previously closed at $3.42.

Wall Street Analysts Forecast Growth

RR has been the topic of several recent research reports. Wall Street Zen downgraded Richtech Robotics from a “hold” rating to a “sell” rating in a report on Sunday, October 19th. HC Wainwright lifted their price objective on Richtech Robotics from $3.50 to $6.00 and gave the stock a “buy” rating in a research note on Friday, September 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Richtech Robotics in a research report on Monday, December 22nd. 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 an average rating of “Hold” and an average price target of $4.50.

Richtech Robotics Stock Performance

The firm has a market cap of $588.32 million, a P/E ratio of -23.03 and a beta of -3.63. The stock’s 50 day simple moving average is $3.69 and its 200 day simple moving average is $3.44.

Institutional Investors Weigh In On Richtech Robotics

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Richtech Robotics by 164.0% in the 3rd quarter. Vanguard Group Inc. now owns 4,612,887 shares of the company’s stock worth $19,789,000 after purchasing an additional 2,865,386 shares in the last quarter. Bank of America Corp DE boosted its position in Richtech Robotics by 3,231.2% in the second quarter. Bank of America Corp DE now owns 1,248,742 shares of the company’s stock worth $2,435,000 after purchasing an additional 1,211,256 shares during the last quarter. Geode Capital Management LLC grew its stake in Richtech Robotics by 128.9% in 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Richtech Robotics during the 1st quarter valued at $1,630,000. Finally, Raymond James Financial Inc. raised its stake in shares of Richtech Robotics by 8,471.0% during the 3rd quarter. Raymond James Financial Inc. now owns 504,830 shares of the company’s stock worth $2,166,000 after purchasing an additional 498,940 shares during the period. Institutional investors own 0.01% of the company’s stock.

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.