Serve Robotics (NASDAQ:SERV) Stock Price Down 1.3% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) traded down 1.3% during mid-day trading on Thursday . The stock traded as low as $15.90 and last traded at $15.90. 2,355,932 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 12,513,591 shares. The stock had previously closed at $16.11.

Analyst Upgrades and Downgrades

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

Serve Robotics Trading Up 1.4 %

The stock has a 50-day moving average price of $14.42 and a 200 day moving average price of $11.24.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.20). The firm had revenue of $0.22 million for the quarter, compared to analyst estimates of $0.36 million. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. Research 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, CEO Ali Kashani sold 9,719 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction of $85,235.63. Following the sale, the chief executive officer now directly owns 3,355,238 shares of the company’s stock, valued at $29,425,437.26. The trade was a 0.29 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.57, for a total transaction of $551,976.56. Following the transaction, the director now owns 449,052 shares of the company’s stock, valued at approximately $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is owned by corporate insiders.

Institutional Trading of Serve Robotics

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