Serve Robotics (NASDAQ:SERV) Trading 2.3% Higher – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV) rose 2.3% on Wednesday . The company traded as high as $16.47 and last traded at $16.42. Approximately 3,211,772 shares were traded 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.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research report on Monday, October 28th. They set a “buy” rating and a $16.00 price objective for the company. Finally, Northland Securities raised their target price on shares of Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Two investment analysts have rated the stock with a buy rating and three have given 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 price target of $19.50.

Serve Robotics Trading Up 16.6 %

The firm has a 50-day moving average of $15.34 and a two-hundred day moving average of $11.72.

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 the consensus estimate of ($0.20). The company had revenue of $0.22 million for the quarter, compared to analyst estimates 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, analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Activity

In other Serve Robotics news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $8.57, for a total value of $551,976.56. Following the sale, the director now owns 449,052 shares in the company, valued at approximately $3,848,375.64. The trade was a 12.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Ali Kashani sold 31,791 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $11.39, for a total value of $362,099.49. Following the completion of the sale, the chief executive officer now directly owns 3,346,998 shares of the company’s stock, valued at approximately $38,122,307.22. The trade was a 0.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 253,027 shares of company stock valued at $3,309,166 over the last quarter. 21.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently modified their holdings of the company. Blue Trust Inc. acquired a new position in Serve Robotics in the fourth quarter valued at $27,000. Bogart Wealth LLC acquired a new position in shares of Serve Robotics in the 4th quarter valued at about $37,000. Larson Financial Group LLC bought a new position in shares of Serve Robotics during the 3rd quarter worth approximately $26,000. Bfsg LLC acquired a new stake in Serve Robotics in the third quarter worth $38,000. Finally, SG Americas Securities LLC bought a new stake in Serve Robotics in the 4th quarter valued at 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.