Serve Robotics (NASDAQ:SERV) Trading 3.2% Higher – Time to Buy?

Serve Robotics Inc. (NASDAQ:SERV)’s share price traded up 3.2% during mid-day trading on Friday . The company traded as high as $13.81 and last traded at $13.42. 13,526,467 shares traded hands during trading, an increase of 67% from the average session volume of 8,123,684 shares. The stock had previously closed at $13.00.

Wall Street Analysts Forecast Growth

SERV has been the subject of several analyst reports. Seaport Res Ptn downgraded shares of Serve Robotics from a “strong-buy” rating to a “hold” rating in a report on Monday, August 11th. Northland Securities set a $26.00 price objective on shares of Serve Robotics in a report on Monday, October 13th. Cantor Fitzgerald reissued an “overweight” rating on shares of Serve Robotics in a report on Monday, November 17th. Wedbush assumed coverage on Serve Robotics in a research report on Wednesday, August 27th. They set an “outperform” rating and a $15.00 price target on the stock. Finally, Singular Research raised Serve Robotics to a “moderate buy” rating in a report on Tuesday, August 26th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Serve Robotics currently has an average rating of “Moderate Buy” and a consensus price target of $19.33.

Serve Robotics Stock Up 3.2%

The stock’s 50-day moving average price is $12.24 and its 200-day moving average price is $11.49. The company has a market capitalization of $999.52 million, a price-to-earnings ratio of -9.01 and a beta of -0.14.

Serve Robotics (NASDAQ:SERV) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $0.69 million during the quarter, compared to analyst estimates of $0.69 million. On average, equities research analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Activity at Serve Robotics

In other Serve Robotics news, insider Anthony Armenta sold 49,082 shares of the business’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $9.32, for a total transaction of $457,444.24. Following the completion of the sale, the insider directly owned 560,037 shares of the company’s stock, valued at approximately $5,219,544.84. The trade was a 8.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Brian Read sold 7,500 shares of the company’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $13.05, for a total transaction of $97,875.00. Following the transaction, the chief financial officer owned 344,270 shares in the company, valued at approximately $4,492,723.50. The trade was a 2.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 468,266 shares of company stock valued at $5,419,920 over the last quarter. 5.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Serve Robotics

Several large investors have recently bought and sold shares of SERV. Cambria Investment Management L.P. boosted its stake in Serve Robotics by 25.0% in the third quarter. Cambria Investment Management L.P. now owns 74,391 shares of the company’s stock valued at $865,000 after acquiring an additional 14,877 shares during the last quarter. Captrust Financial Advisors lifted its stake in shares of Serve Robotics by 23.0% in the 3rd quarter. Captrust Financial Advisors now owns 589,441 shares of the company’s stock valued at $6,855,000 after purchasing an additional 110,094 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in shares of Serve Robotics by 258.5% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 8,432 shares of the company’s stock worth $98,000 after purchasing an additional 6,080 shares during the last quarter. Advisory Services Network LLC grew its stake in shares of Serve Robotics by 6.4% during the third quarter. Advisory Services Network LLC now owns 46,448 shares of the company’s stock worth $540,000 after purchasing an additional 2,797 shares during the period. Finally, Verition Fund Management LLC grew its stake in shares of Serve Robotics by 101.0% during the third quarter. Verition Fund Management LLC now owns 127,515 shares of the company’s stock worth $1,483,000 after purchasing an additional 64,068 shares during the period.

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.