Serve Robotics (NASDAQ:SERV) Stock Price Up 2.9% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) shares rose 2.9% during mid-day trading on Tuesday . The stock traded as high as $17.50 and last traded at $17.06. Approximately 2,784,607 shares traded 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.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Up 1.4 %

The business’s 50-day moving average is $14.42 and its two-hundred day moving average is $11.24.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.20). The company had revenue of $0.22 million for the quarter, compared to the consensus estimate of $0.36 million. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. As a group, equities analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Activity at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the transaction, the chief executive officer now owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This represents a 1.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction that occurred 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 sale, 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp bought a new stake in Serve Robotics in the third quarter worth approximately $333,000. Exchange Traded Concepts LLC bought a new stake in Serve Robotics in the 4th quarter valued at $9,066,000. Geode Capital Management LLC increased its holdings in shares of Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares during the period. Atomi Financial Group Inc. bought a new stake in Serve Robotics in the 4th quarter valued at $209,000. Finally, Yong Rong HK Asset Management Ltd bought a new position in Serve Robotics during the third quarter worth about $9,636,000.

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.