Richtech Robotics, listed on NASDAQ under the symbol RR, recently saw its price target increased by HC Wainwright from $3.50 to $6.00, maintaining a buy rating on the stock. Despite this boost, Wall Street Zen downgraded the stock from a hold to a sell rating earlier in September. Currently, Richtech Robotics enjoys a consensus buy rating from analysts, with a target price of $4.50, based on data from MarketBeat.com.
Recently, the stock traded at $4.45, a slight decrease of $0.04, amidst a trading volume of 60,398,740 shares compared to its average of 46,737,608 shares. Richtech Robotics has seen a notable range in its stock price over the past year, with a low of $0.52 and a high of $5.20.
In August, the company reported its quarterly earnings, showing a loss of $0.04 per share which aligned with analyst expectations. Revenue was reported at $1.18 million, falling short of the $1.42 million anticipated by analysts. The company reported a negative return on equity of 23.85% and a substantial negative net margin of 366.21%.
Significant insider activity was recorded as COO Phil Zheng sold 100,000 shares at an average price of $3.01, totaling $301,000. Following this sale, Zheng retained 1,100,000 shares. Corporate insiders collectively hold 25.70% of the company’s stock.
Institutional investors have been active with Richtech Robotics stock. Significant stakes were increased by major players such as Bank of America Corp DE and Geode Capital Management LLC, with both expanding their holdings dramatically in the second quarter. Additionally, new positions were acquired by firms like MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. and OMERS ADMINISTRATION Corp.
Richtech Robotics Inc is known for developing and manufacturing robotic automation solutions aimed at the service industry. Their offerings include robots designed for indoor transport, delivery, sanitation, and automation in food and beverage services.
Although analysts currently rate the stock as a buy, there are other stocks that top analysts have flagged as potentially stronger investments. Nevertheless, Richtech Robotics continues to make strides in its sector through its innovative robotic solutions tailored for various service industry needs.