Serve Robotics (NASDAQ:SERV) Shares Up 2.6% - What's Next?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price traded up 2.6% on Thursday . The stock traded as high as $17.25 and last traded at $16.47. 4,127,264 shares were traded during mid-day trading, a decline of 64% from the average session volume of 11,523,459 shares. The stock had previously closed at $16.05.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Northland Capmk upgraded shares of Serve Robotics to a "strong-buy" rating in a research report on Friday, October 18th. Northland Securities raised their target price 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. Finally, LADENBURG THALM/SH SH assumed 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. Two analysts have rated the stock with a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Serve Robotics presently has an average rating of "Strong Buy" and a consensus price target of $19.50.

Serve Robotics Stock Performance

The company's 50-day moving average price is $15.55 and its two-hundred day moving average price is $11.81.

Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its quarterly 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 return on equity of 184.60% and a negative net margin of 1,972.12%. The company had revenue of $0.22 million during the quarter, compared to the consensus estimate of $0.36 million. On average, sell-side analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Activity

In related news, CEO Ali Kashani sold 9,719 shares of the firm's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the completion of the transaction, the chief executive officer now directly owns 3,355,238 shares of the company's stock, valued at $29,425,437.26. This trade represents a 0.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of the business's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the sale, the chief operating officer now directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This trade represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 253,027 shares of company stock valued at $3,309,166. Insiders own 21.40% of the company's stock.

Institutional Inflows and Outflows

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