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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares 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 traded hands 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

A number of research analysts have weighed in on the stock. Northland Securities boosted their price objective on shares of Serve Robotics from $16.00 to $23.00 and gave the company an "outperform" rating in a research report on Wednesday, January 15th. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a report on Monday, October 28th. They set a "buy" rating and a $16.00 price target on the stock. Finally, Northland Capmk raised shares of Serve Robotics to a "strong-buy" rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, Serve Robotics has a consensus rating of "Strong Buy" and an average target price of $19.50.

Serve Robotics Stock Performance

The firm has a 50-day moving average price of $15.55 and a two-hundred day moving average price of $11.83.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.20). The company had revenue of $0.22 million during the quarter, compared to analyst estimates of $0.36 million. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. On average, equities research analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Activity

In related news, COO Touraj Parang sold 50,000 shares of the stock in a transaction that occurred on Monday, December 9th. The stock was 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. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 2,500 shares of Serve Robotics stock in a transaction on Monday, December 9th. The shares were sold at an average price of $13.52, for a total value of $33,800.00. Following the sale, the chief executive officer now directly owns 3,344,498 shares of the company's stock, valued at approximately $45,217,612.96. This trade represents a 0.07 % decrease in their ownership of the stock. 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 Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SERV. Yong Rong HK Asset Management Ltd purchased a new stake in shares of Serve Robotics in the 3rd quarter worth approximately $9,636,000. Exchange Traded Concepts LLC purchased a new stake in Serve Robotics during the fourth quarter worth $9,066,000. Raymond James Financial Inc. bought a new stake in Serve Robotics during the 4th quarter valued at $1,978,000. Geode Capital Management LLC boosted its position in Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company's stock valued at $1,041,000 after acquiring an additional 73,496 shares in the last quarter. Finally, Harbour Capital Advisors LLC increased its holdings in shares of Serve Robotics by 102.4% in the 4th quarter. Harbour Capital Advisors LLC now owns 50,365 shares of the company's stock valued at $680,000 after acquiring an additional 25,475 shares during the period.

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.