Serve Robotics (NASDAQ:SERV) Trading 10.2% Higher – Here’s What Happened

Shares of Serve Robotics Inc. (NASDAQ:SERV) traded up 10.2% during mid-day trading on Thursday . The stock traded as high as $13.27 and last traded at $13.00. 19,534,487 shares were traded during mid-day trading, an increase of 141% from the average session volume of 8,099,696 shares. The stock had previously closed at $11.80.

Wall Street Analyst Weigh In

Several analysts have commented on SERV shares. Seaport Res Ptn downgraded Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. Singular Research raised Serve Robotics to a “moderate buy” rating in a research report on Tuesday, August 26th. Cantor Fitzgerald reissued an “overweight” rating on shares of Serve Robotics in a research report on Monday, November 17th. Wedbush started coverage on shares of Serve Robotics in a research note on Wednesday, August 27th. They set an “outperform” rating and a $15.00 target price on the stock. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Serve Robotics in a research note on Monday. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.33.

Serve Robotics Price Performance

The company has a market cap of $968.24 million, a PE ratio of -8.72 and a beta of -0.14. The business has a 50-day moving average of $12.22 and a 200 day moving average of $11.48.

Serve Robotics (NASDAQ:SERV) last announced its earnings results on Wednesday, November 12th. The company reported ($0.54) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.17). The firm had revenue of $0.69 million during the quarter, compared to analysts’ expectations of $0.69 million. Serve Robotics had a negative return on equity of 38.52% and a negative net margin of 4,121.58%. On average, equities analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Activity at Serve Robotics

In other news, insider Euan Abraham sold 3,915 shares of the business’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $11.69, for a total transaction of $45,766.35. Following the completion of the sale, the insider owned 246,624 shares of the company’s stock, valued at $2,883,034.56. The trade was a 1.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Ali Kashani sold 16,170 shares of the company’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $10.78, for a total value of $174,312.60. Following the completion of the sale, the chief executive officer owned 3,391,592 shares of the company’s stock, valued at $36,561,361.76. This trade represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 460,766 shares of company stock valued at $5,322,045 in the last three months. Corporate insiders own 5.50% of the company’s stock.

Institutional Trading of Serve Robotics

Hedge funds have recently bought and sold shares of the stock. Farther Finance Advisors LLC purchased a new stake in Serve Robotics in the third quarter worth about $27,000. Allworth Financial LP lifted its position in shares of Serve Robotics by 316.7% during the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company’s stock valued at $45,000 after buying an additional 2,964 shares in the last quarter. SBI Securities Co. Ltd. grew its stake in shares of Serve Robotics by 166.8% during the 3rd quarter. SBI Securities Co. Ltd. now owns 4,218 shares of the company’s stock valued at $49,000 after acquiring an additional 2,637 shares during the period. Ameritas Investment Partners Inc. purchased a new stake in Serve Robotics in the 2nd quarter worth approximately $55,000. Finally, Russell Investments Group Ltd. bought a new stake in Serve Robotics during the 3rd quarter worth approximately $59,000.

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.