Richtech Robotics (NASDAQ:RR) Stock Price Up 8% Following Better-Than-Expected Earnings

Richtech Robotics Inc. (NASDAQ:RR) shot up 8% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $4.39 and last traded at $4.1690. 12,656,128 shares were traded during trading, a decline of 57% from the average session volume of 29,560,357 shares. The stock had previously closed at $3.86.

The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.01. Richtech Robotics had a negative return on equity of 23.85% and a negative net margin of 366.21%.The firm had revenue of $1.44 million during the quarter, compared to analyst estimates of $1.31 million.

Wall Street Analysts Forecast Growth

A number of research firms have commented on RR. Wall Street Zen downgraded shares of Richtech Robotics from a “hold” rating to a “sell” rating in a research note on Sunday, October 19th. HC Wainwright reaffirmed a “buy” rating and set a $6.00 price target on shares of Richtech Robotics in a research report on Wednesday. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Richtech Robotics in a research note on Monday, December 22nd. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $4.50.

Institutional Trading of Richtech Robotics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Richtech Robotics by 164.0% during the third 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 stake in Richtech Robotics by 3,231.2% during the 2nd quarter. Bank of America Corp DE now owns 1,248,742 shares of the company’s stock valued at $2,435,000 after purchasing an additional 1,211,256 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Richtech Robotics by 128.9% during 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. bought a new stake in shares of Richtech Robotics in the 1st quarter worth $1,630,000. Finally, Raymond James Financial Inc. raised its stake in shares of Richtech Robotics by 8,471.0% in the 3rd quarter. Raymond James Financial Inc. now owns 504,830 shares of the company’s stock worth $2,166,000 after buying an additional 498,940 shares in the last quarter. 0.01% of the stock is currently owned by institutional investors and hedge funds.

Richtech Robotics Price Performance

The company has a fifty day moving average price of $3.66 and a two-hundred day moving average price of $3.58. The firm has a market cap of $653.52 million, a price-to-earnings ratio of -31.14 and a beta of -3.63.

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.