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

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

Wall Street Analyst Weigh In

Several research analysts recently commented on SERV shares. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Northland Securities boosted their price objective on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 15th. LADENBURG THALM/SH SH assumed 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 upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, Serve Robotics currently has an average rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Trading Up 8.1 %

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

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

Insiders Place Their Bets

In related news, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at $3,848,375.64. The trade was a 12.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the 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 transaction, the chief operating officer now owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. This represents a 4.12 % 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 worth $3,309,166 over the last 90 days. Corporate insiders own 21.40% of the company’s stock.

Institutional Investors Weigh In On Serve Robotics

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