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

Serve Robotics Inc. (NASDAQ:SERV) shares traded up 17.1% during mid-day trading on Friday . The company traded as high as $20.80 and last traded at $20.86. 8,497,860 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 13,565,521 shares. The stock had previously closed at $17.82.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a report on Friday, October 18th. LADENBURG THALM/SH SH assumed coverage on Serve Robotics in a report on Monday, October 28th. They issued a “buy” rating and a $16.00 target price on the stock. Northland Securities increased their target price on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. Finally, Seaport Res Ptn upgraded Serve Robotics to a “strong-buy” rating in a report on Monday, October 7th. Two research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Strong Buy” and an average price target of $19.50.

Serve Robotics Stock Performance

The stock’s fifty day simple moving average is $13.70 and its 200-day simple moving average is $10.75.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.20). The firm had revenue of $0.22 million for 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%. As a group, sell-side analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Touraj Parang sold 50,000 shares of the business’s stock in a transaction dated 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 approximately $15,113,072.61. The trade was a 4.12 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were 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 owns 449,052 shares in the company, valued at $3,848,375.64. This represents a 12.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 253,027 shares of company stock valued at $3,309,166. 21.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Serve Robotics

Several hedge funds and other institutional investors have recently modified their holdings of SERV. Blue Trust Inc. bought a new position in shares of Serve Robotics in the fourth quarter worth approximately $27,000. Exchange Traded Concepts LLC purchased a new stake in Serve Robotics in the fourth quarter worth $9,066,000. One Wealth Management Investment & Advisory Services LLC purchased a new stake in Serve Robotics in the fourth quarter worth $154,000. SG Americas Securities LLC purchased a new stake in Serve Robotics in the fourth quarter worth $114,000. Finally, Atomi Financial Group Inc. purchased a new stake in Serve Robotics in the fourth quarter worth $209,000.

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.