Serve Robotics (NASDAQ:SERV) Trading Up 1.3% – Here’s What Happened

Serve Robotics Inc. (NASDAQ:SERV) shares traded up 1.3% during mid-day trading on Thursday . The stock traded as high as $18.91 and last traded at $18.14. 2,861,597 shares changed hands during trading, a decline of 79% from the average session volume of 13,592,239 shares. The stock had previously closed at $17.91.

Analysts Set New Price Targets

SERV has been the topic of several recent analyst reports. Northland Securities lifted their price objective on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Finally, Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Serve Robotics presently has an average rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Trading Down 1.3 %

The firm’s 50-day moving average price is $13.50 and its 200-day moving average price is $10.70.

Serve Robotics (NASDAQ:SERV) last announced its earnings results on Thursday, November 7th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). The firm had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $0.36 million. Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. As a group, sell-side analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the transaction, the chief executive officer now owns 3,355,238 shares in the company, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 253,027 shares of company stock valued at $3,309,166. Insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently bought and sold shares of the business. Larson Financial Group LLC purchased a new position in shares of Serve Robotics in the 3rd quarter worth approximately $26,000. Blue Trust Inc. acquired a new position in shares of Serve Robotics during the fourth quarter valued at about $27,000. Bfsg LLC purchased a new position in shares of Serve Robotics in the 3rd quarter valued at approximately $38,000. Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics in the 3rd quarter worth approximately $68,000. Finally, Quantum Private Wealth LLC purchased a new stake in Serve Robotics during the 3rd quarter worth approximately $80,000.

About Serve Robotics

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.