Serve Robotics (NASDAQ:SERV) Stock Price Up 4% - Here's What Happened

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares shot up 4% during trading on Tuesday . The stock traded as high as $16.80 and last traded at $16.42. 3,951,040 shares changed hands during trading, a decline of 67% from the average session volume of 11,872,682 shares. The stock had previously closed at $15.78.

Wall Street Analysts Forecast Growth

SERV has been the subject of a number of analyst reports. Northland Capmk raised Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH initiated coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a "buy" rating and a $16.00 price target on the stock. Finally, Northland Securities upped their price objective on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a report 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. Based on data from MarketBeat, the company presently has a consensus rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Trading Up 16.6 %

The business's 50-day moving average is $15.34 and its 200-day moving average is $11.72.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.20) EPS for the quarter, hitting the consensus estimate of ($0.20). Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. The company had revenue of $0.22 million for the quarter, compared to analysts' expectations of $0.36 million. 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, Director James Buckly Jordan sold 64,408 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the sale, the director now owns 449,052 shares in the company, valued at $3,848,375.64. This trade represents a 12.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ali Kashani sold 37,500 shares of the business's 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 transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. bought a new position in Serve Robotics in the fourth quarter valued at approximately $27,000. Bogart Wealth LLC acquired a new position in shares of Serve Robotics during the 4th quarter worth $37,000. Larson Financial Group LLC bought a new stake in shares of Serve Robotics during the 3rd quarter worth $26,000. Bfsg LLC acquired a new stake in Serve Robotics in the third quarter valued at about $38,000. Finally, SG Americas Securities LLC bought a new position in Serve Robotics in the fourth quarter valued at about $114,000.

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.