Serve Robotics (NASDAQ:SERV) Stock Price Down 1.3% – Here’s Why

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was down 1.3% during mid-day trading on Thursday . The stock traded as low as $15.90 and last traded at $15.90. Approximately 2,355,932 shares traded hands during trading, a decline of 81% from the average daily volume of 12,513,591 shares. The stock had previously closed at $16.11.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Northland Securities raised their price target on Serve Robotics from $16.00 to $23.00 and gave the stock an “outperform” rating in a report on Wednesday, January 15th. Seaport Res Ptn raised Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Northland Capmk upgraded Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Finally, LADENBURG THALM/SH SH began coverage on shares of Serve Robotics in a research note on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Two research 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.com, the stock currently has an average rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Trading Up 1.5 %

The firm has a fifty day moving average of $14.74 and a 200 day moving average of $11.37.

Serve Robotics (NASDAQ:SERV) last posted its earnings results on Thursday, November 7th. The company reported ($0.20) earnings per share for the quarter, meeting the consensus estimate of ($0.20). The firm had revenue of $0.22 million during 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%. Analysts predict that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Transactions at Serve Robotics

In other Serve Robotics news, CEO Ali Kashani sold 37,500 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $21.16, for a total transaction of $793,500.00. Following the transaction, the chief executive officer now owns 3,230,990 shares in the company, valued at approximately $68,367,748.40. This represents a 1.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Buckly Jordan sold 64,408 shares of the firm’s stock in a transaction that occurred on 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 directly owns 449,052 shares in the company, valued at approximately $3,848,375.64. The trade was a 12.54 % 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 valued at $3,309,166 in the last ninety days. 21.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. purchased a new stake in shares of Serve Robotics during the fourth quarter worth about $27,000. Bogart Wealth LLC purchased a new stake in Serve Robotics during the 4th quarter worth approximately $37,000. Stephens Inc. AR acquired a new position in shares of Serve Robotics during the fourth quarter valued at approximately $142,000. Choreo LLC acquired a new position in shares of Serve Robotics during the fourth quarter valued at approximately $202,000. Finally, Exchange Traded Concepts LLC purchased a new position in shares of Serve Robotics in the fourth quarter valued at approximately $9,066,000.

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.