Serve Robotics (NASDAQ:SERV) Stock Price Up 1.3% – Should You Buy?

Shares of Serve Robotics Inc. (NASDAQ:SERV) were up 1.3% on Thursday . The company traded as high as $18.91 and last traded at $18.14. Approximately 2,861,597 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 13,592,239 shares. The stock had previously closed at $17.91.

Analysts Set New Price Targets

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

Serve Robotics Stock Down 1.3 %

The firm’s 50 day simple moving average is $13.50 and its 200-day simple moving average is $10.70.

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, hitting analysts’ consensus estimates of ($0.20). Serve Robotics had a negative net margin of 1,972.12% and a negative return on equity of 184.60%. The business had revenue of $0.22 million for the quarter, compared to analyst estimates of $0.36 million. Equities research analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Touraj Parang sold 50,000 shares of the company’s 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 directly owns 1,163,439 shares in the company, valued at $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Ali Kashani sold 9,719 shares of Serve Robotics stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.77, for a total value of $85,235.63. Following the sale, the chief executive officer now owns 3,355,238 shares of the company’s stock, valued at approximately $29,425,437.26. This represents a 0.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is owned by insiders.

Institutional Trading of Serve Robotics

Several institutional investors have recently made changes to their positions in SERV. Yong Rong HK Asset Management Ltd acquired a new position in Serve Robotics during the 3rd quarter worth $9,636,000. Exchange Traded Concepts LLC bought a new position in Serve Robotics during the 4th quarter worth approximately $9,066,000. Geode Capital Management LLC grew its position in shares of Serve Robotics by 128.1% in the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after acquiring an additional 73,496 shares in the last quarter. State Street Corp bought a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $333,000. Finally, Tidal Investments LLC acquired a new stake in shares of Serve Robotics during the 3rd quarter valued at approximately $262,000.

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.