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

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on SERV. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Northland Securities lifted their price target on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. 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 target on the stock. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Trading Up 5.7 %

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

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

Insider Activity at Serve Robotics

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction that occurred 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 sale, the director now directly 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Ali Kashani sold 9,719 shares of the business’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 value of $85,235.63. Following the completion of the transaction, the chief executive officer now directly owns 3,355,238 shares in the company, valued at $29,425,437.26. The trade was 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 over the last three months. Company insiders own 21.40% of the company’s stock.

Institutional Trading of Serve Robotics

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