Serve Robotics (NASDAQ:SERV) Stock Price Down 5.2% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERVGet Free Report)’s share price fell 5.2% during mid-day trading on Wednesday . The stock traded as low as $16.69 and last traded at $16.60. 2,013,233 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 12,778,343 shares. The stock had previously closed at $17.51.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SERV. Northland Securities increased their price target on shares of Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 15th. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Northland Capmk raised shares of Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. Finally, LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 target price on the stock. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Strong Buy” and an average target price of $19.50.

View Our Latest Report on SERV

Serve Robotics Trading Down 7.9 %

The firm’s 50-day moving average price is $14.27 and its 200-day moving average price is $11.20.

Serve Robotics (NASDAQ:SERVGet Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, hitting the consensus estimate of ($0.20). Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The company had revenue of $0.22 million for the quarter, compared to analysts’ expectations of $0.36 million. On average, sell-side analysts expect that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Buying and Selling

In other Serve Robotics news, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.77, for a total transaction 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. The trade was a 0.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the transaction, the chief operating officer now directly owns 1,163,439 shares of the company’s stock, valued at $15,113,072.61. The trade was a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 253,027 shares of company stock worth $3,309,166. Insiders own 21.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics during the third quarter valued at $26,000. Blue Trust Inc. purchased a new stake in shares of Serve Robotics during the fourth quarter valued at $27,000. Bfsg LLC purchased a new stake in Serve Robotics in the third quarter worth about $38,000. Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics in the third quarter worth about $68,000. Finally, Quantum Private Wealth LLC purchased a new stake in Serve Robotics in the third quarter worth about $80,000.

Serve Robotics Company Profile

(Get Free Report)

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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