Serve Robotics (NASDAQ:SERV) Sees Large Volume Increase - Still a Buy?

Key Points

• Serve Robotics experienced a significant trading volume increase, with approximately 8.01 million shares traded, up 13% from the previous session.
• Analysts have a consensus rating of “Buy” on SERV shares, with a high target price of $17.75, while the current price stands at $12.58.
• In insider trading news, both the COO and CEO sold substantial amounts of stock on September 8th, indicating a decrease in their ownership by 3.78% and 4.58%, respectively.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares saw unusually-high trading volume on Friday . Approximately 8,011,397 shares traded hands during trading, an increase of 13% from the previous session's volume of 7,103,897 shares.The stock last traded at $12.58 and had previously closed at $11.40.

Analyst Ratings Changes

Several analysts have commented on SERV shares. Cantor Fitzgerald began coverage on shares of Serve Robotics in a research report on Thursday, May 22nd. They issued an "overweight" rating for the company. Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. Seaport Res Ptn cut shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Finally, Wedbush began coverage on Serve Robotics in a research note on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Serve Robotics currently has a consensus rating of "Buy" and an average target price of $17.75.

Serve Robotics Trading Up 7.9%

The firm has a market capitalization of $736.25 million, a P/E ratio of -10.66 and a beta of -0.19. The firm has a 50 day moving average price of $10.58 and a 200-day moving average price of $9.21.

Serve Robotics (NASDAQ:SERV - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.13). The business had revenue of $0.64 million during the quarter, compared to analysts' expectations of $0.63 million. Serve Robotics had a negative return on equity of 36.47% and a negative net margin of 3,726.00%. Research analysts anticipate that Serve Robotics Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling at Serve Robotics

In related news, COO Touraj Parang sold 53,690 shares of the business's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $10.35, for a total transaction of $555,691.50. Following the completion of the sale, the chief operating officer directly owned 1,365,416 shares of the company's stock, valued at $14,132,055.60. The trade was a 3.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Ali Kashani sold 164,735 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $10.33, for a total transaction of $1,701,712.55. Following the transaction, the chief executive officer owned 3,434,002 shares of the company's stock, valued at $35,473,240.66. The trade was a 4.58% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 293,625 shares of company stock valued at $3,048,817. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Serve Robotics

A number of institutional investors have recently made changes to their positions in the stock. Total Investment Management Inc. bought a new position in Serve Robotics during the second quarter valued at approximately $76,000. Advisory Services Network LLC acquired a new position in shares of Serve Robotics during the second quarter worth $499,000. Headlands Technologies LLC grew its position in Serve Robotics by 58,553.6% during the 2nd quarter. Headlands Technologies LLC now owns 16,423 shares of the company's stock worth $188,000 after purchasing an additional 16,395 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Serve Robotics by 2,385.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 27,412 shares of the company's stock valued at $314,000 after purchasing an additional 26,309 shares during the period. Finally, Captrust Financial Advisors raised its position in Serve Robotics by 16.5% during the second quarter. Captrust Financial Advisors now owns 479,347 shares of the company's stock worth $5,484,000 after acquiring an additional 67,770 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.

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