Serve Robotics (NASDAQ:SERV) Trading Up 10.2% – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price was up 10.2% on Thursday . The company traded as high as $13.27 and last traded at $13.00. Approximately 19,534,487 shares were traded during trading, an increase of 141% from the average daily volume of 8,099,696 shares. The stock had previously closed at $11.80.

Analysts Set New Price Targets

SERV has been the topic of several recent analyst reports. Seaport Res Ptn cut Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. Citigroup reiterated an “outperform” rating on shares of Serve Robotics in a report on Monday, October 13th. Northland Securities set a $26.00 target price on Serve Robotics in a research note on Monday, October 13th. Wedbush began coverage on Serve Robotics in a report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Serve Robotics in a report on Monday. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.33.

Serve Robotics Trading Up 10.2%

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

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.54) earnings per share 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%. Equities analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Euan Abraham sold 25,000 shares of Serve Robotics stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $14.99, for a total transaction of $374,750.00. Following the completion of the transaction, the insider directly owned 227,019 shares of the company’s stock, valued at $3,403,014.81. This trade represents a 9.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Touraj Parang sold 53,690 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.35, for a total transaction of $555,691.50. Following the sale, the chief operating officer directly owned 1,365,416 shares in the company, valued at $14,132,055.60. The trade was a 3.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 460,766 shares of company stock worth $5,322,045 over the last 90 days. Corporate insiders own 5.50% of the company’s stock.

Institutional Trading of Serve Robotics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Fund Management S.A. bought a new position in shares of Serve Robotics during the first quarter valued at $4,244,000. Virtu Financial LLC grew its position in Serve Robotics by 71.5% during the 1st quarter. Virtu Financial LLC now owns 59,054 shares of the company’s stock valued at $340,000 after purchasing an additional 24,614 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Serve Robotics by 616.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company’s stock valued at $3,972,000 after purchasing an additional 584,302 shares during the last quarter. Bulltick Wealth Management LLC bought a new stake in Serve Robotics during the 2nd quarter valued at about $355,000. Finally, Vontobel Holding Ltd. purchased a new position in Serve Robotics in the second quarter worth about $240,000.

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.