Serve Robotics (NASDAQ:SERV) Trading Up 1.3% – Should You Buy?

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

Analyst Ratings Changes

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

Serve Robotics Stock Up 8.1 %

The business’s 50 day simple moving average is $13.92 and its 200-day simple moving average is $10.87.

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

Insider Activity

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction dated 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 in the company, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ali Kashani sold 9,719 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the sale, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock valued at $3,309,166 in the last ninety days. 21.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Serve Robotics

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

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.