Serve Robotics (NASDAQ:SERV) Stock Price Up 5.2% – Here’s Why

by · The Markets Daily

Serve Robotics Inc. (NASDAQ:SERV – Get Free Report) rose 5.2% during trading on Thursday . The stock traded as high as $12.89 and last traded at $12.85. Approximately 6,611,749 shares traded hands during trading, a decline of 18% from the average daily volume of 8,110,537 shares. The stock had previously closed at $12.22.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Singular Research raised shares of Serve Robotics to a “moderate buy” rating in a research report on Tuesday, August 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Serve Robotics in a report on Monday. Cantor Fitzgerald reaffirmed 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 issued an “outperform” rating and a $15.00 price target for the company. Finally, Citigroup reiterated an “outperform” rating on shares of Serve Robotics in a research report on Monday, October 13th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.33.

View Our Latest Research Report on Serve Robotics

Serve Robotics Price Performance

The firm has a market capitalization of $957.07 million, a PE ratio of -8.62 and a beta of -0.14. The business has a 50-day simple moving average of $12.35 and a 200-day simple moving average of $11.56.

Serve Robotics (NASDAQ:SERV – Get Free Report) 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). The firm had revenue of $0.69 million for the quarter, compared to analysts’ expectations of $0.69 million. Serve Robotics had a negative return on equity of 38.52% and a negative net margin of 4,121.58%. On average, research analysts expect that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Activity

In other Serve Robotics news, General Counsel Evan Dunn sold 20,458 shares of the company’s stock in a transaction on Tuesday, October 7th. The stock was sold at an average price of $15.09, for a total value of $308,711.22. Following the transaction, the general counsel owned 210,309 shares of the company’s stock, valued at $3,173,562.81. This represents a 8.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ali Kashani sold 16,170 shares of the stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $10.78, for a total value of $174,312.60. Following the completion of the sale, the chief executive officer owned 3,391,592 shares in the company, valued at approximately $36,561,361.76. The trade was a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 226,248 shares of company stock valued at $2,910,939. 5.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Serve Robotics

Institutional investors and hedge funds have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in Serve Robotics by 13.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 12,728 shares of the company’s stock worth $73,000 after buying an additional 1,545 shares during the period. Swiss National Bank acquired a new position in shares of Serve Robotics in the first quarter valued at about $305,000. Virtu Financial LLC raised its position in Serve Robotics by 71.5% during the 1st quarter. Virtu Financial LLC now owns 59,054 shares of the company’s stock worth $340,000 after buying an additional 24,614 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Serve Robotics during the first quarter valued at $146,000. Finally, EntryPoint Capital LLC acquired a new position in shares of Serve Robotics in the 1st quarter valued at about $358,000.

Serve Robotics Company Profile

(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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