Serve Robotics (NASDAQ:SERV) Stock Price Up 2.3% – Time to Buy?

Shares of Serve Robotics Inc. (NASDAQ:SERV) traded up 2.3% during mid-day trading on Wednesday . The company traded as high as $16.47 and last traded at $16.42. 3,211,772 shares were traded during mid-day trading, a decline of 72% from the average session volume of 11,671,872 shares. The stock had previously closed at $16.06.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Northland Securities raised their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price for the company. Finally, Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Price Performance

The business has a 50-day simple moving average of $15.03 and a 200 day simple moving average of $11.65.

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

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the sale, the director now owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the sale, the chief executive officer now owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This trade represents a 1.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 253,027 shares of company stock worth $3,309,166 in the last three months. Corporate insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently made changes to their positions in SERV. Larson Financial Group LLC purchased a new stake in Serve Robotics in the 3rd quarter valued at approximately $26,000. Blue Trust Inc. acquired a new stake in Serve Robotics in the 4th quarter valued at $27,000. Bogart Wealth LLC acquired a new position in Serve Robotics in the 4th quarter worth $37,000. Bfsg LLC bought a new position in Serve Robotics during the 3rd quarter valued at $38,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Serve Robotics during the 3rd quarter valued at approximately $68,000.

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.