Serve Robotics (NASDAQ:SERV) Trading Up 5.2% – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) shares shot up 5.2% during trading on Thursday . The company traded as high as $12.89 and last traded at $12.85. 6,611,749 shares were traded during mid-day trading, a decline of 18% from the average session volume of 8,110,537 shares. The stock had previously closed at $12.22.

Wall Street Analyst Weigh In

Several brokerages recently commented on SERV. Wedbush started coverage on Serve Robotics in a research note on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price objective on the stock. Northland Securities set a $26.00 price objective on Serve Robotics in a report on Monday, October 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Serve Robotics in a research report on Monday, November 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Serve Robotics in a report on Monday. Finally, Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a research report on Tuesday, August 26th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.33.

Serve Robotics Price Performance

The business has a 50-day moving average of $12.33 and a 200-day moving average of $11.58. The firm has a market cap of $903.44 million, a price-to-earnings ratio of -8.14 and a beta of -0.14.

Serve Robotics (NASDAQ:SERV) last posted 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). Serve Robotics had a negative return on equity of 38.52% and a negative net margin of 4,121.58%.The company had revenue of $0.69 million for the quarter, compared to analyst estimates of $0.69 million. As a group, equities analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Ali Kashani sold 16,170 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $10.78, for a total value of $174,312.60. Following the completion of the sale, the chief executive officer directly owned 3,391,592 shares of the company’s stock, valued at $36,561,361.76. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, General Counsel Evan Dunn sold 20,458 shares of the business’s stock in a transaction that occurred on Tuesday, October 7th. The stock was sold at an average price of $15.09, for a total value of $308,711.22. Following the transaction, the general counsel directly owned 210,309 shares in the company, valued at $3,173,562.81. The trade was a 8.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 226,248 shares of company stock worth $2,910,939. Corporate insiders own 5.50% of the company’s stock.

Institutional Trading of Serve Robotics

Hedge funds have recently modified their holdings of the stock. Vontobel Holding Ltd. raised its stake in Serve Robotics by 6.7% in the 3rd quarter. Vontobel Holding Ltd. now owns 22,427 shares of the company’s stock worth $261,000 after purchasing an additional 1,417 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Serve Robotics by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock worth $73,000 after purchasing an additional 1,545 shares during the period. Creative Planning raised its position in shares of Serve Robotics by 14.5% in the third quarter. Creative Planning now owns 14,800 shares of the company’s stock valued at $172,000 after buying an additional 1,877 shares in the last quarter. Phoenix Financial Ltd. boosted its stake in shares of Serve Robotics by 13.3% in the third quarter. Phoenix Financial Ltd. now owns 17,000 shares of the company’s stock valued at $198,000 after buying an additional 2,000 shares during the period. Finally, Thoroughbred Financial Services LLC grew its position in Serve Robotics by 9.0% during the third quarter. Thoroughbred Financial Services LLC now owns 24,250 shares of the company’s stock worth $282,000 after buying an additional 2,000 shares in the last quarter.

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.