Serve Robotics (NASDAQ:SERV) Shares Up 10.6% - Here's Why

Shares of Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) traded up 10.6% on Friday . The company traded as high as $18.07 and last traded at $18.08. 4,385,751 shares were traded during mid-day trading, a decline of 64% from the average session volume of 12,254,454 shares. The stock had previously closed at $16.34.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Northland Securities upped their target price on Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a report on Wednesday, January 15th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a report on Monday, October 28th. They issued a "buy" rating and a $16.00 price objective for the company. Seaport Res Ptn raised shares of Serve Robotics to a "strong-buy" rating in a research note on Monday, October 7th. Finally, Northland Capmk upgraded shares of Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, Serve Robotics currently has an average rating of "Strong Buy" and an average price target of $19.50.

Serve Robotics Stock Down 4.9 %

The company has a 50 day moving average of $14.74 and a two-hundred day moving average of $11.50.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released 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). Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The firm had revenue of $0.22 million for the quarter, compared to the consensus estimate of $0.36 million. As a group, analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Buying and Selling at Serve Robotics

In related news, Director James Buckly Jordan sold 64,408 shares of the company's stock in a transaction that occurred on 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 position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction 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 transaction, the chief operating officer now owns 1,163,439 shares of the company's stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 253,027 shares of company stock valued at $3,309,166. Corporate insiders own 21.40% of the company's stock.

Institutional Trading of Serve Robotics

Institutional investors have recently bought and sold shares of the company. Larson Financial Group LLC purchased a new position in Serve Robotics in the third quarter worth about $26,000. Blue Trust Inc. bought a new stake in shares of Serve Robotics during the fourth quarter valued at approximately $27,000. Bogart Wealth LLC purchased a new position in Serve Robotics in the 4th quarter worth approximately $37,000. Bfsg LLC purchased a new position in Serve Robotics in the 3rd quarter worth approximately $38,000. Finally, Gordian Capital Singapore Pte Ltd bought a new position in Serve Robotics in the 3rd quarter valued at approximately $68,000.

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.