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

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price was up 10.6% on Friday . The stock traded as high as $19.18 and last traded at $18.47. Approximately 7,166,470 shares were traded during trading, a decline of 38% from the average daily volume of 11,491,188 shares. The stock had previously closed at $16.70.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SERV shares. 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 price objective on the stock. Northland Securities lifted their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 15th. Finally, Northland Capmk upgraded shares of Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Strong Buy" and a consensus target price of $19.50.

Serve Robotics Price Performance

The business's 50-day moving average is $15.55 and its 200 day moving average is $11.83.

Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) 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 firm had revenue of $0.22 million for the quarter, compared to analysts' expectations of $0.36 million. As a group, analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling at Serve Robotics

In other news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares of the company's stock, valued at approximately $15,113,072.61. The trade was a 4.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of Serve Robotics stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $8.57, for a total transaction of $551,976.56. Following the sale, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. The trade was a 12.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

A number of large investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC bought a new stake in shares of Serve Robotics during the 4th quarter valued at about $248,000. Balboa Wealth Partners bought a new stake in shares of Serve Robotics during the 4th quarter valued at about $150,000. Prosperity Wealth Management Inc. bought a new stake in shares of Serve Robotics during the 4th quarter valued at about $232,000. Clare Market Investments LLC bought a new stake in shares of Serve Robotics during the 4th quarter valued at about $205,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Serve Robotics during the 4th quarter valued at about $1,978,000.

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.