Richtech Robotics (NASDAQ:RR) Stock Gets Downgrade from Wall Street Zen

Richtech Robotics (NASDAQ:RR) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other research firms also recently issued reports on RR. Weiss Ratings reiterated a “sell (d-)” rating on shares of Richtech Robotics in a report on Monday, October 19th. Freedom Capital upgraded Richtech Robotics from a “strong sell” rating to a “hold” rating in a research report on Sunday, August 16th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.00.

Richtech Robotics Price Performance

Shares of NASDAQ:RR opened at $0.89 on Friday. The firm has a fifty day moving average price of $1.47 and a two-hundred day moving average price of $2.15. Richtech Robotics has a one year low of $0.80 and a one year high of $5.60.

Richtech Robotics announced that its Board of Directors has authorized a share buyback plan on Tuesday, August 25th that permits the company to repurchase $12 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.3% of its shares through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Institutional Trading of Richtech Robotics

Several large investors have recently added to or reduced their stakes in RR. Bank of America Corp DE lifted its stake in shares of Richtech Robotics by 738.8% in the 1st quarter. Bank of America Corp DE now owns 1,847,776 shares of the company’s stock valued at $3,862,000 after acquiring an additional 1,627,482 shares during the last quarter. Themes Management Co LLC lifted its holdings in shares of Richtech Robotics by 473.1% in the 1st quarter. Themes Management Co LLC now owns 467,030 shares of the company’s stock worth $976,000 after acquiring an additional 385,544 shares during the last quarter. Royal Bank of Canada grew its holdings in Richtech Robotics by 32.3% during the first quarter. Royal Bank of Canada now owns 21,097 shares of the company’s stock worth $43,000 after acquiring an additional 5,151 shares during the period. IFP Advisors Inc boosted its holdings in Richtech Robotics by 41.0% in the 2nd quarter. IFP Advisors Inc now owns 56,519 shares of the company’s stock worth $119,000 after acquiring an additional 16,444 shares during the period. Finally, Engineers Gate Manager LP bought a new stake in Richtech Robotics during the second quarter worth approximately $339,000. 0.01% of the stock is owned by institutional investors.

Richtech Robotics Company Profile

Richtech Robotics Corporation (NASDAQ: RR) develops, manufactures and deploys service robots designed to support businesses in hospitality, healthcare, education, retail and other commercial settings. The company combines robotics, artificial intelligence and automation to help customers perform tasks such as food and beverage service, delivery, cleaning and material handling.

Its product portfolio includes ADAM, an AI-enabled robotic beverage and service platform; Matradee, a food and beverage delivery robot; and DUST-E, an autonomous floor-cleaning robot.