Share Buyback Plan Authorized by Richtech Robotics (NASDAQ:RR)

Richtech Robotics (NASDAQ:RR) declared that its Board of Directors has approved a stock repurchase program on Tuesday, August 25th, RTT News reports. The company plans to repurchase $12.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

Richtech Robotics Trading Up 21.6%

Shares of RR traded up $0.35 during mid-day trading on Tuesday, reaching $1.97. 17,368,643 shares of the stock traded hands, compared to its average volume of 4,902,496. The company has a market cap of $443.45 million, a price-to-earnings ratio of -32.83 and a beta of -0.65. Richtech Robotics has a 1 year low of $1.30 and a 1 year high of $7.43. The firm has a fifty day moving average price of $1.75 and a 200 day moving average price of $2.25.

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.