Serve Robotics (NASDAQ:SERV) Stock Price Up 17.1% – Still a Buy?

Serve Robotics Inc. (NASDAQ:SERV) shares were up 17.1% during mid-day trading on Friday . The stock traded as high as $20.80 and last traded at $20.86. Approximately 8,497,860 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 13,565,521 shares. The stock had previously closed at $17.82.

Analyst Upgrades and Downgrades

SERV has been the subject of a number of analyst reports. Northland Capmk raised Serve Robotics to a “strong-buy” rating in a research report on Friday, October 18th. LADENBURG THALM/SH SH started coverage on shares of Serve Robotics in a research report on Monday, October 28th. They issued a “buy” rating and a $16.00 price objective on the stock. Seaport Res Ptn raised shares of Serve Robotics to a “strong-buy” rating in a research report on Monday, October 7th. Finally, Northland Securities increased their target price on Serve Robotics from $16.00 to $23.00 and gave the company an “outperform” rating in a report on Wednesday, January 15th. Two equities research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, Serve Robotics presently has an average rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Stock Up 8.1 %

The company’s 50 day simple moving average is $13.92 and its 200 day simple moving average is $10.87.

Serve Robotics (NASDAQ:SERV) last posted 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 net margin of 1,972.12% and a negative return on equity of 184.60%. The firm had revenue of $0.22 million for the quarter, compared to the consensus estimate of $0.36 million. As a group, equities research analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current fiscal year.

Insider Transactions at Serve Robotics

In related news, CEO Ali Kashani sold 37,500 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $21.16, for a total transaction of $793,500.00. Following the completion of the sale, the chief executive officer now owns 3,230,990 shares in the company, valued at $68,367,748.40. This represents a 1.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Touraj Parang sold 50,000 shares of Serve Robotics stock in a transaction on Monday, December 9th. The shares were sold at an average price of $12.99, for a total transaction of $649,500.00. Following the completion of the transaction, the chief operating officer now owns 1,163,439 shares in the company, valued at approximately $15,113,072.61. This represents a 4.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 253,027 shares of company stock worth $3,309,166. Corporate insiders own 21.40% of the company’s stock.

Hedge Funds Weigh In On Serve Robotics

Large investors have recently bought and sold shares of the company. State Street Corp acquired a new position in shares of Serve Robotics during the third quarter worth about $333,000. Geode Capital Management LLC increased its position in Serve Robotics by 128.1% during the 3rd quarter. Geode Capital Management LLC now owns 130,853 shares of the company’s stock worth $1,041,000 after purchasing an additional 73,496 shares during the period. Yong Rong HK Asset Management Ltd purchased a new position in shares of Serve Robotics during the 3rd quarter worth approximately $9,636,000. Exchange Traded Concepts LLC acquired a new stake in shares of Serve Robotics in the 4th quarter valued at approximately $9,066,000. Finally, One Wealth Management Investment & Advisory Services LLC purchased a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $154,000.

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.