Serve Robotics (NASDAQ:SERV) Trading Up 2.9% – Here’s Why

Shares of Serve Robotics Inc. (NASDAQ:SERV) were up 2.9% on Tuesday . The company traded as high as $17.50 and last traded at $17.06. Approximately 2,784,607 shares changed hands during trading, a decline of 79% from the average daily volume of 13,265,840 shares. The stock had previously closed at $16.57.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SERV shares. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. 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. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Finally, Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Price Performance

The company has a 50-day moving average price of $14.09 and a 200-day moving average price of $11.09.

Serve Robotics (NASDAQ:SERV) last released 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). 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 for the quarter, compared to the consensus estimate of $0.36 million. As a group, sell-side analysts anticipate 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 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 completion of the transaction, the director now owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed 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 shares were sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the transaction, the chief executive officer now directly owns 3,355,238 shares of the company’s stock, valued at $29,425,437.26. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 253,027 shares of company stock worth $3,309,166 over the last three months. 21.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Larson Financial Group LLC bought a new position in Serve Robotics during the 3rd quarter worth approximately $26,000. Blue Trust Inc. bought a new stake in shares of Serve Robotics in the 4th quarter worth approximately $27,000. Bfsg LLC bought a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $38,000. Gordian Capital Singapore Pte Ltd bought a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $68,000. Finally, Quantum Private Wealth LLC bought a new stake in shares of Serve Robotics in 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.