Serve Robotics (NASDAQ:SERV) Trading 4% Higher – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price rose 4% during mid-day trading on Tuesday . The company traded as high as $16.80 and last traded at $16.42. Approximately 3,951,040 shares changed hands during trading, a decline of 67% from the average daily volume of 11,872,682 shares. The stock had previously closed at $15.78.

Wall Street Analysts Forecast Growth

SERV has been the subject of several recent research reports. LADENBURG THALM/SH SH assumed coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Northland Securities upped their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the stock 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. Finally, Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Serve Robotics has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Up 1.2 %

The business’s fifty day simple moving average is $14.88 and its two-hundred day simple moving average is $11.59.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.20). The firm had revenue of $0.22 million for the quarter, compared to the consensus estimate 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 predict that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the transaction, the chief executive officer now directly owns 3,355,238 shares in the company, valued at $29,425,437.26. The trade was a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the sale, the director now owns 449,052 shares in the company, valued at approximately $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock valued at $3,309,166 in the last three months. 21.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. purchased a new position in Serve Robotics in the fourth quarter valued at approximately $27,000. Bogart Wealth LLC bought a new stake in Serve Robotics during the fourth quarter valued at approximately $37,000. Larson Financial Group LLC bought a new stake in Serve Robotics in the 3rd quarter worth approximately $26,000. Bfsg LLC purchased a new stake in Serve Robotics during the third quarter valued at about $38,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Serve Robotics during the fourth quarter valued at approximately $114,000.

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.