Serve Robotics (NASDAQ:SERV) Trading Up 17.1% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was up 17.1% on Friday . The stock traded as high as $20.80 and last traded at $20.86. Approximately 8,497,860 shares traded hands during trading, a decline of 37% from the average daily volume of 13,565,521 shares. The stock had previously closed at $17.82.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SERV. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Northland Securities boosted their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Finally, LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Serve Robotics currently has an average rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Up 8.1 %

The company has a fifty day moving average price of $13.92 and a two-hundred day moving average price of $10.87.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). The firm 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%. Analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 3,230,990 shares in the company, valued at $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the sale, the director now owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock valued at $3,309,166 over the last three months. 21.40% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Serve Robotics

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