Serve Robotics (NASDAQ:SERV) Shares Up 2.6% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price shot up 2.6% during mid-day trading on Thursday . The stock traded as high as $17.25 and last traded at $16.47. 4,127,264 shares changed hands during trading, a decline of 64% from the average session volume of 11,523,459 shares. The stock had previously closed at $16.05.

Wall Street Analyst Weigh In

A number of brokerages have commented on SERV. Northland Securities boosted their target price on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. 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 price objective on the stock. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Trading Up 16.6 %

The company has a fifty day simple moving average of $15.55 and a two-hundred day simple moving average of $11.79.

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

Insider Activity

In related news, CEO Ali Kashani sold 37,500 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the transaction, the chief executive officer now directly owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock valued at $3,309,166 over the last 90 days. 21.40% of the stock is currently owned by company insiders.

Institutional Trading of Serve Robotics

Several hedge funds have recently added to or reduced their stakes in SERV. Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics in the 3rd quarter worth approximately $9,636,000. Exchange Traded Concepts LLC bought a new position in Serve Robotics during the fourth quarter worth $9,066,000. Raymond James Financial Inc. acquired a new position in Serve Robotics during the 4th quarter valued at $1,978,000. Geode Capital Management LLC boosted its holdings in Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after purchasing an additional 73,496 shares during the period. Finally, Harbour Capital Advisors LLC grew its position in Serve Robotics by 102.4% in the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock worth $680,000 after purchasing an additional 25,475 shares during the last quarter.

Serve Robotics Company Profile

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.