Serve Robotics (NASDAQ:SERV) Stock Price Up 2.3% - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price shot 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.

Analysts Set New Price Targets

Several equities analysts recently commented on SERV shares. Northland Securities upped their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a research note on Wednesday, January 15th. Northland Capmk raised Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Finally, LADENBURG THALM/SH SH began coverage on Serve Robotics in a research note on Monday, October 28th. They issued a "buy" rating and a $16.00 price target for the company. Two 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.com, Serve Robotics currently has an average rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Price Performance

The business has a 50-day simple moving average of $15.55 and a 200 day simple moving average of $11.79.

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, meeting 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 business had revenue of $0.22 million during the quarter, compared to the consensus estimate of $0.36 million. On average, equities research analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Transactions at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 2,500 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $13.52, for a total transaction of $33,800.00. Following the transaction, the chief executive officer now directly owns 3,344,498 shares in the company, valued at approximately $45,217,612.96. This represents a 0.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the completion of the sale, the director now owns 449,052 shares of the company's stock, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock worth $3,309,166 over the last three months. 21.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

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