Serve Robotics (NASDAQ:SERV) Trading Up 4% - Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares traded up 4% during mid-day 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.

Analyst Ratings Changes

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

Serve Robotics Price Performance

The company's fifty day moving average is $15.18 and its two-hundred day moving average is $11.68.

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 for the quarter, hitting 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 analyst estimates of $0.36 million. Analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling at Serve Robotics

In related news, COO Touraj Parang sold 50,000 shares of the 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 sale, the chief operating officer now directly owns 1,163,439 shares of the company's stock, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 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 transaction, the director now directly owns 449,052 shares of the company's stock, 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 three months, insiders have sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Serve Robotics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SERV. Raymond James Financial Inc. purchased a new position in Serve Robotics in the 4th quarter valued at about $1,978,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of Serve Robotics in the fourth quarter worth approximately $151,000. Oppenheimer & Co. Inc. purchased a new stake in shares of Serve Robotics during the fourth quarter worth approximately $280,000. Blue Trust Inc. acquired a new position in Serve Robotics in the 4th quarter valued at $27,000. Finally, Bogart Wealth LLC purchased a new position in Serve Robotics in the 4th quarter valued at $37,000.

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.

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