Serve Robotics (NASDAQ:SERV) Stock Price Up 18.2% – Time to Buy?

by · The Markets Daily

Serve Robotics Inc. (NASDAQ:SERV – Get Free Report) rose 18.2% during mid-day trading on Wednesday . The company traded as high as $11.89 and last traded at $11.80. Approximately 16,881,723 shares changed hands during trading, an increase of 110% from the average daily volume of 8,049,003 shares. The stock had previously closed at $9.98.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SERV. Northland Securities set a $26.00 target price on shares of Serve Robotics in a report on Monday, October 13th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Serve Robotics in a research report on Monday, November 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Serve Robotics in a report on Monday. Seaport Res Ptn cut Serve Robotics from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 11th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Serve Robotics in a report on Monday, October 13th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.33.

Check Out Our Latest Stock Report on SERV

Serve Robotics Price Performance

The company has a market capitalization of $999.52 million, a P/E ratio of -9.01 and a beta of -0.14. The firm has a fifty day moving average price of $12.27 and a 200-day moving average price of $11.51.

Serve Robotics (NASDAQ:SERV – Get Free Report) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.54) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.17). Serve Robotics had a negative return on equity of 38.52% and a negative net margin of 4,121.58%.The business had revenue of $0.69 million for the quarter, compared to the consensus estimate of $0.69 million. On average, research analysts forecast that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Activity at Serve Robotics

In related news, General Counsel Evan Dunn sold 2,987 shares of the stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $11.62, for a total transaction of $34,708.94. Following the completion of the transaction, the general counsel owned 207,322 shares in the company, valued at approximately $2,409,081.64. This represents a 1.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Brian Read sold 7,500 shares of Serve Robotics stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $13.05, for a total transaction of $97,875.00. Following the completion of the sale, the chief financial officer directly owned 344,270 shares in the company, valued at approximately $4,492,723.50. This represents a 2.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 468,266 shares of company stock worth $5,419,920. 5.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

Institutional investors and hedge funds have recently bought and sold shares of the company. Vontobel Holding Ltd. increased its stake in shares of Serve Robotics by 6.7% in the third quarter. Vontobel Holding Ltd. now owns 22,427 shares of the company’s stock worth $261,000 after purchasing an additional 1,417 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Serve Robotics by 13.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock valued at $73,000 after buying an additional 1,545 shares in the last quarter. Creative Planning boosted its holdings in Serve Robotics by 14.5% in the 3rd quarter. Creative Planning now owns 14,800 shares of the company’s stock worth $172,000 after buying an additional 1,877 shares during the period. Phoenix Financial Ltd. grew its stake in Serve Robotics by 13.3% in the 3rd quarter. Phoenix Financial Ltd. now owns 17,000 shares of the company’s stock valued at $198,000 after buying an additional 2,000 shares in the last quarter. Finally, Thoroughbred Financial Services LLC raised its holdings in Serve Robotics by 9.0% during the 3rd quarter. Thoroughbred Financial Services LLC now owns 24,250 shares of the company’s stock valued at $282,000 after acquiring an additional 2,000 shares during the period.

About Serve Robotics

(Get Free Report)

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.

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