Richtech Robotics (NASDAQ:RR) Stock Price Down 9.1% – Here’s Why

Richtech Robotics Inc. (NASDAQ:RR) shares fell 9.1% during trading on Friday . The stock traded as low as $2.90 and last traded at $2.9550. 5,311,110 shares changed hands during trading, a decline of 73% from the average session volume of 19,400,094 shares. The stock had previously closed at $3.25.

Analysts Set New Price Targets

Several brokerages recently commented on RR. Wall Street Zen cut Richtech Robotics from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Richtech Robotics in a report on Friday, April 24th. Finally, HC Wainwright restated a “buy” rating and issued a $6.00 target price on shares of Richtech Robotics in a report on Wednesday, February 18th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Richtech Robotics has an average rating of “Hold” and a consensus price target of $6.00.

Richtech Robotics Stock Performance

The company has a 50 day moving average of $2.42 and a 200-day moving average of $3.06. The stock has a market cap of $641.21 million, a price-to-earnings ratio of -21.32 and a beta of -1.34.

Hedge Funds Weigh In On Richtech Robotics

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Richtech Robotics by 164.0% during the 3rd quarter. Vanguard Group Inc. now owns 4,612,887 shares of the company’s stock worth $19,789,000 after acquiring an additional 2,865,386 shares in the last quarter. State Street Corp lifted its stake in Richtech Robotics by 99.7% during the 4th quarter. State Street Corp now owns 4,446,247 shares of the company’s stock worth $14,361,000 after acquiring an additional 2,219,849 shares in the last quarter. Geode Capital Management LLC lifted its stake in Richtech Robotics by 73.5% during the 4th quarter. Geode Capital Management LLC now owns 3,586,863 shares of the company’s stock worth $11,589,000 after acquiring an additional 1,519,613 shares in the last quarter. Bank of America Corp DE lifted its stake in Richtech Robotics by 738.8% during the 1st quarter. Bank of America Corp DE now owns 1,847,776 shares of the company’s stock worth $3,862,000 after acquiring an additional 1,627,482 shares in the last quarter. Finally, UBS Group AG lifted its stake in Richtech Robotics by 412.2% during the 4th quarter. UBS Group AG now owns 1,804,574 shares of the company’s stock worth $5,829,000 after acquiring an additional 1,452,236 shares in the last quarter. Institutional investors and hedge funds own 0.01% of the company’s stock.

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.