Serve Robotics (NASDAQ:SERV) Stock Price Up 2.3% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) shares shot up 2.3% on Wednesday . The stock traded as high as $16.47 and last traded at $16.42. 3,211,772 shares were traded during trading, a decline of 72% from the average session volume of 11,671,872 shares. The stock had previously closed at $16.06.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SERV shares. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Northland Securities raised 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. Finally, Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Two research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Serve Robotics currently has a consensus rating of “Strong Buy” and a consensus price target of $19.50.

Serve Robotics Trading Up 1.0 %

The business has a fifty day moving average of $15.03 and a 200 day moving average of $11.65.

Serve Robotics (NASDAQ:SERV) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20). The company had revenue of $0.22 million for the quarter, compared to analysts’ expectations 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 anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the transaction, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. This represents 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, CEO Ali Kashani sold 9,719 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.77, for a total transaction of $85,235.63. Following the completion of the sale, the chief executive officer now directly owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This represents a 0.29 % 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 in the last three months. Corporate insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Yong Rong HK Asset Management Ltd bought a new position in shares of Serve Robotics in the 3rd quarter worth $9,636,000. Exchange Traded Concepts LLC bought a new position in shares of Serve Robotics during the 4th quarter worth approximately $9,066,000. Geode Capital Management LLC grew its holdings in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock valued at $1,041,000 after acquiring an additional 73,496 shares in the last quarter. Harbour Capital Advisors LLC raised its stake in shares of Serve Robotics by 102.4% during the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock worth $680,000 after purchasing an additional 25,475 shares in the last quarter. Finally, State Street Corp bought a new position in shares of Serve Robotics in the 3rd quarter valued at about $333,000.

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.