Serve Robotics (NASDAQ:SERV) Trading Up 2.9% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded up 2.9% during trading on Tuesday . The company traded as high as $17.50 and last traded at $17.06. 2,784,607 shares changed hands during trading, a decline of 79% from the average session volume of 13,265,840 shares. The stock had previously closed at $16.57.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SERV. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Northland Securities increased their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. 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 company. Based on data from MarketBeat, Serve Robotics presently has an average rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Stock Performance

The company’s 50 day moving average price is $14.42 and its 200-day moving average price is $11.24.

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

Insiders Place Their Bets

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.16, for a total value 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $12.99, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock valued at $3,309,166 in the last quarter. Corporate insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Blue Trust Inc. purchased a new position in Serve Robotics during the fourth quarter valued at $27,000. Bogart Wealth LLC bought a new position in shares of Serve Robotics in the 4th quarter valued at about $37,000. Stephens Inc. AR bought a new position in shares of Serve Robotics during the 4th quarter valued at approximately $142,000. Choreo LLC bought a new position in Serve Robotics during the 4th quarter valued at about $202,000. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Serve Robotics in the fourth quarter worth approximately $9,066,000.

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.