Serve Robotics (NASDAQ:SERV) Trading Down 5.2% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV) shares traded down 5.2% during trading on Wednesday . The stock traded as low as $16.69 and last traded at $16.60. 2,013,233 shares traded hands during trading, a decline of 84% from the average session volume of 12,778,343 shares. The stock had previously closed at $17.51.

Wall Street Analysts Forecast Growth

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

Serve Robotics Stock Up 1.5 %

The firm’s fifty day moving average is $14.58 and its 200 day moving average is $11.27.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). The business 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%. On average, analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 37,500 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following 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 legal filing with the SEC, which is available at this link. Also, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the sale, the director now owns 449,052 shares of the company’s stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock worth $3,309,166 over the last three months. 21.40% of the stock is currently owned by insiders.

Institutional Trading of Serve Robotics

A number of institutional investors and hedge funds have recently modified their holdings of SERV. Larson Financial Group LLC bought a new position in Serve Robotics in the third quarter worth $26,000. Blue Trust Inc. acquired a new position in shares of Serve Robotics in the 4th quarter valued at $27,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics during the 4th quarter worth about $37,000. Bfsg LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter valued at about $38,000. Finally, Gordian Capital Singapore Pte Ltd bought a new stake in Serve Robotics in the third quarter valued at about $68,000.

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.