Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) rose 14.4% during trading on Wednesday . The company traded as high as $12.13 and last traded at $11.75. Approximately 18,071,480 shares changed hands during trading, an increase of 155% from the average daily volume of 7,078,231 shares. The stock had previously closed at $10.27.
Wall Street Analysts Forecast Growth
SERV has been the topic of a number of recent research reports. Seaport Res Ptn cut Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Cantor Fitzgerald assumed coverage on Serve Robotics in a research report on Thursday, May 22nd. They set an "overweight" rating on the stock. Finally, Wedbush assumed coverage on Serve Robotics in a report on Wednesday. They set an "outperform" rating and a $15.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Serve Robotics presently has a consensus rating of "Buy" and a consensus target price of $17.75.
Read Our Latest Report on SERV
Serve Robotics Trading Up 13.5%
The firm has a fifty day simple moving average of $10.62 and a two-hundred day simple moving average of $9.57. The stock has a market cap of $698.20 million, a PE ratio of -10.11 and a beta of -0.11.
Serve Robotics (NASDAQ:SERV - Get Free Report) last released its quarterly earnings results 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). Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. The business had revenue of $0.64 million during the quarter, compared to analysts' expectations of $0.63 million. Equities analysts forecast that Serve Robotics Inc. will post -0.98 earnings per share for the current year.
Insider Transactions at Serve Robotics
In other Serve Robotics news, CEO Ali Kashani sold 7,467 shares of the firm's stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $10.74, for a total value of $80,195.58. Following the sale, the chief executive officer owned 3,598,737 shares of the company's stock, valued at $38,650,435.38. This trade represents a 0.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Anthony Armenta sold 2,915 shares of the stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $10.68, for a total value of $31,132.20. Following the transaction, the insider owned 612,664 shares in the company, valued at $6,543,251.52. This trade represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,398 shares of company stock worth $573,223. 21.40% of the stock is owned by insiders.
Hedge Funds Weigh In On Serve Robotics
Several institutional investors have recently modified their holdings of the company. Advisory Services Network LLC bought a new position in shares of Serve Robotics during the 2nd quarter valued at about $499,000. Headlands Technologies LLC increased its position in shares of Serve Robotics by 58,553.6% during the 2nd quarter. Headlands Technologies LLC now owns 16,423 shares of the company's stock valued at $188,000 after purchasing an additional 16,395 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Serve Robotics by 2,385.2% during 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 last quarter. Captrust Financial Advisors increased its position in shares of Serve Robotics by 16.5% during the 2nd quarter. Captrust Financial Advisors now owns 479,347 shares of the company's stock valued at $5,484,000 after purchasing an additional 67,770 shares during the last quarter. Finally, Militia Capital Partners LP bought a new position in shares of Serve Robotics during the 2nd quarter valued at about $924,000.
About Serve Robotics
(
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.
Further Reading
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