Serve Robotics (NASDAQ:SERV) Shares Up 6% – Should You Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares traded up 6% during mid-day trading on Thursday . The stock traded as high as $10.56 and last traded at $10.12. 6,949,396 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 8,073,973 shares. The stock had previously closed at $9.55.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Citigroup reaffirmed an “outperform” rating on shares of Serve Robotics in a report on Monday, October 13th. Wedbush started coverage on Serve Robotics in a report on Wednesday, August 27th. They issued an “outperform” rating and a $15.00 price target for the company. Oppenheimer started coverage on Serve Robotics in a report on Thursday. They issued an “outperform” rating and a $20.00 price objective on the stock. Northland Securities set a $26.00 price objective on Serve Robotics in a research report on Monday, October 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Serve Robotics in a research report on Monday, November 17th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Serve Robotics currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

Serve Robotics Stock Up 6.0%

The firm has a market cap of $753.77 million, a PE ratio of -6.79 and a beta of -0.14. The firm has a 50-day moving average price of $12.10 and a two-hundred day moving average price of $11.53.

Serve Robotics (NASDAQ:SERV) last posted its quarterly earnings data on Wednesday, November 12th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.17). Serve Robotics had a negative net margin of 4,121.58% and a negative return on equity of 38.52%. The firm had revenue of $0.69 million during the quarter, compared to analyst estimates of $0.69 million. Research analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Serve Robotics

In related news, CFO Brian Read sold 6,700 shares of Serve Robotics stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $13.15, for a total transaction of $88,105.00. Following the transaction, the chief financial officer owned 337,199 shares in the company, valued at approximately $4,434,166.85. This trade represents a 1.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Anthony Armenta sold 5,003 shares of the business’s stock in a transaction dated Monday, December 15th. The shares were sold at an average price of $11.96, for a total transaction of $59,835.88. Following the transaction, the insider directly owned 555,034 shares in the company, valued at approximately $6,638,206.64. The trade was a 0.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 255,895 shares of company stock worth $3,270,304 in the last 90 days. 5.50% of the stock is currently owned by insiders.

Institutional Trading of Serve Robotics

Several hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC acquired a new stake in Serve Robotics during the third quarter worth $27,000. Allworth Financial LP increased its stake in Serve Robotics by 316.7% during the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company’s stock worth $45,000 after buying an additional 2,964 shares during the period. SBI Securities Co. Ltd. boosted its position in Serve Robotics by 166.8% in the 3rd quarter. SBI Securities Co. Ltd. now owns 4,218 shares of the company’s stock valued at $49,000 after buying an additional 2,637 shares during the period. Ameritas Investment Partners Inc. purchased a new position in Serve Robotics in the 2nd quarter valued at approximately $55,000. Finally, Russell Investments Group Ltd. acquired a new position in shares of Serve Robotics in the third quarter worth $59,000.

Serve Robotics Company Profile

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.