Serve Robotics (NASDAQ:SERV) Trading 2.6% Higher – What’s Next?

Serve Robotics Inc. (NASDAQ:SERV)’s stock price was up 2.6% during trading on Thursday . The company traded as high as $17.25 and last traded at $16.47. Approximately 4,127,264 shares traded hands during trading, a decline of 64% from the average daily volume of 11,523,459 shares. The stock had previously closed at $16.05.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SERV shares. Northland Capmk upgraded shares of Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. Northland Securities upped their price target on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a research report on Wednesday, January 15th. Finally, 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 price objective on the stock. Two equities research analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Stock Up 4.5 %

The stock’s 50 day moving average is $15.18 and its 200-day moving average is $11.68.

Serve Robotics (NASDAQ:SERV) last released its earnings results on Thursday, November 7th. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20). Serve Robotics had a negative return on equity of 184.60% and a negative net margin of 1,972.12%. The company had revenue of $0.22 million during the quarter, compared to analysts’ expectations of $0.36 million. On average, analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insiders Place Their Bets

In other news, Director James Buckly Jordan sold 64,408 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was 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 $3,848,375.64. This represents a 12.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Ali Kashani sold 37,500 shares of the company’s 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 completion of the sale, the chief executive officer now owns 3,230,990 shares of the company’s stock, valued at approximately $68,367,748.40. The trade was a 1.15 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 253,027 shares of company stock worth $3,309,166. 21.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Larson Financial Group LLC bought a new position in shares of Serve Robotics in the third quarter worth about $26,000. Blue Trust Inc. purchased a new position in shares of Serve Robotics in the fourth quarter worth $27,000. Bogart Wealth LLC purchased a new position in Serve Robotics during the fourth quarter valued at $37,000. Bfsg LLC purchased a new stake in Serve Robotics in the 3rd quarter worth $38,000. Finally, Gordian Capital Singapore Pte Ltd purchased a new stake in Serve Robotics in the 3rd quarter worth $68,000.

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.