Serve Robotics (NASDAQ:SERV) Shares Up 10.6% – What’s Next?

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SERV. LADENBURG THALM/SH SH began coverage on Serve Robotics in a research note on Monday, October 28th. They set a “buy” rating and a $16.00 price target on the stock. Northland Securities raised their price objective on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. 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 report on Monday, October 7th. 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 a consensus price target of $19.50.

Serve Robotics Price Performance

The stock has a 50-day moving average of $14.58 and a 200 day moving average of $11.27.

Serve Robotics (NASDAQ:SERV) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, meeting 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. As a group, equities analysts expect 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, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the completion of the sale, the director now directly owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 37,500 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total value of $793,500.00. Following the completion of the sale, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their ownership of the stock. 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. 21.40% of the stock is owned by company insiders.

Institutional Trading of Serve Robotics

Large investors have recently added to or reduced their stakes in the stock. Bfsg LLC purchased a new position in shares of Serve Robotics during the 3rd quarter worth $38,000. Harbour Capital Advisors LLC purchased a new position in Serve Robotics during the 3rd quarter valued at about $198,000. Yong Rong HK Asset Management Ltd acquired a new stake in Serve Robotics in the 3rd quarter valued at about $9,636,000. Quantum Private Wealth LLC acquired a new stake in Serve Robotics in the 3rd quarter valued at about $80,000. Finally, GSA Capital Partners LLP acquired a new stake in Serve Robotics in the 3rd quarter valued at about $152,000.

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.