Serve Robotics (NASDAQ:SERV) Trading 2.3% Higher – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV) was up 2.3% during trading on Wednesday . The company traded as high as $16.47 and last traded at $16.42. Approximately 3,211,772 shares traded hands during mid-day trading, a decline of 72% from the average daily volume of 11,671,872 shares. The stock had previously closed at $16.06.

Analysts Set New Price Targets

SERV has been the topic of several recent analyst reports. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Northland Securities upped their price objective 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, 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 target price on the stock. Two investment analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Trading Up 16.6 %

The company’s 50-day moving average is $15.34 and its two-hundred day moving average is $11.72.

Serve Robotics (NASDAQ:SERV) last released its earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.20). The firm had revenue of $0.22 million during the quarter, compared to the consensus estimate of $0.36 million. Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. On average, equities analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Buying and Selling at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 9,719 shares of the business’s 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 sale, the chief executive officer now 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Touraj Parang sold 50,000 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $12.99, for a total value of $649,500.00. Following the sale, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 253,027 shares of company stock valued at $3,309,166. Company insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Several hedge funds have recently bought and sold shares of the company. Blue Trust Inc. purchased a new stake in Serve Robotics in the 4th quarter worth approximately $27,000. Bogart Wealth LLC purchased a new stake in shares of Serve Robotics in the fourth quarter worth $37,000. Larson Financial Group LLC bought a new stake in Serve Robotics during the third quarter valued at $26,000. Bfsg LLC purchased a new position in Serve Robotics during the third quarter worth about $38,000. Finally, SG Americas Securities LLC bought a new position in Serve Robotics in the 4th quarter worth about $114,000.

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.