Serve Robotics (NASDAQ:SERV) Trading 17.1% Higher – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price was up 17.1% during trading on Friday . The stock traded as high as $20.80 and last traded at $20.86. Approximately 8,497,860 shares traded hands during trading, a decline of 37% from the average daily volume of 13,565,521 shares. The stock had previously closed at $17.82.

Analysts Set New Price Targets

Several research analysts have issued reports on SERV shares. LADENBURG THALM/SH SH started coverage on Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. 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. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research note on Monday, October 7th. Finally, Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research note on Friday, October 18th. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Price Performance

The company has a fifty day simple moving average of $13.70 and a two-hundred day simple moving average of $10.75.

Serve Robotics (NASDAQ:SERV) last announced its 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 return on equity of 184.60% and a negative net margin of 1,972.12%. As a group, sell-side analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Activity

In other Serve Robotics news, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Ali Kashani sold 37,500 shares of Serve Robotics stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $21.16, for a total value of $793,500.00. Following the sale, the chief executive officer now directly owns 3,230,990 shares of the company’s stock, valued at $68,367,748.40. This trade represents a 1.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 253,027 shares of company stock worth $3,309,166 over the last quarter. 21.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. acquired a new position in Serve Robotics in the 4th quarter valued at about $27,000. Larson Financial Group LLC acquired a new stake in Serve Robotics during the 3rd quarter valued at $26,000. Bfsg LLC acquired a new stake in Serve Robotics during the 3rd quarter valued at $38,000. SG Americas Securities LLC acquired a new stake in Serve Robotics during the 4th quarter valued at $114,000. Finally, Gordian Capital Singapore Pte Ltd acquired a new stake in Serve Robotics during the 3rd quarter valued at $68,000.

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.