Serve Robotics (NASDAQ:SERV) Shares Up 10.6% – Here’s What Happened

Shares of Serve Robotics Inc. (NASDAQ:SERV) shot up 10.6% on Friday . The stock traded as high as $18.07 and last traded at $18.08. 4,385,751 shares were traded during mid-day trading, a decline of 64% from the average session volume of 12,254,454 shares. The stock had previously closed at $16.34.

Analyst Ratings Changes

Several brokerages have weighed in on SERV. Northland Securities lifted their target price on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research note on Wednesday, January 15th. LADENBURG THALM/SH SH initiated coverage on Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price target on the stock. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Two investment analysts have rated the stock with a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Strong Buy” and a consensus target price of $19.50.

Serve Robotics Trading Up 2.4 %

The firm has a fifty day moving average of $14.58 and a 200-day moving average of $11.27.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) earnings per share (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 firm had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $0.36 million. Analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James Buckly Jordan sold 64,408 shares of the company’s 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 transaction, the director now owns 449,052 shares of the company’s stock, valued at $3,848,375.64. The trade was a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 253,027 shares of company stock valued at $3,309,166 over the last three months. 21.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Serve Robotics

Institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. purchased a new stake in Serve Robotics during the fourth quarter valued at about $27,000. Bogart Wealth LLC purchased a new stake in shares of Serve Robotics in the fourth quarter worth about $37,000. Larson Financial Group LLC purchased a new stake in shares of Serve Robotics in the third quarter worth about $26,000. Bfsg LLC purchased a new stake in shares of Serve Robotics in the third quarter worth about $38,000. Finally, SG Americas Securities LLC acquired a new position in shares of Serve Robotics in the fourth quarter worth 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.