Serve Robotics (NASDAQ:SERV) Trading Up 2.6% – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price was up 2.6% during trading on Thursday . The stock traded as high as $17.25 and last traded at $16.47. Approximately 4,127,264 shares traded hands during trading, a decline of 64% from the average daily volume of 11,523,459 shares. The stock had previously closed at $16.05.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective for the company. Finally, Northland Securities increased their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. 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 data from MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Stock Up 4.5 %

The stock has a 50 day simple moving average of $15.18 and a 200 day simple moving average of $11.68.

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

Insider Activity

In related news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ali Kashani sold 9,719 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the transaction, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 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 Investors Weigh In On Serve Robotics

Several large investors have recently added to or reduced their stakes in the business. Yong Rong HK Asset Management Ltd purchased a new position in Serve Robotics in the third quarter worth $9,636,000. Exchange Traded Concepts LLC bought a new stake in Serve Robotics during the fourth quarter worth about $9,066,000. Geode Capital Management LLC boosted its holdings in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares in the last quarter. Harbour Capital Advisors LLC increased its position in shares of Serve Robotics by 102.4% during the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company’s stock valued at $680,000 after purchasing an additional 25,475 shares during the last quarter. Finally, State Street Corp purchased a new position in shares of Serve Robotics during the 3rd quarter valued at about $333,000.

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.