Serve Robotics (NASDAQ:SERV) Stock Price Up 5.9% - Here's What Happened

Key Points

• Serve Robotics stock price increased by 5.9% to a last traded value of $13.74, while trading volume dropped by 20% compared to its average.
• Analysts have set diverse price targets for the stock, with a high of $26.00 from Northland Securities and an average target price of $18.50 based on various ratings.
• Insider transactions include a sale of 25,000 shares by Euan Abraham at an average price of $17.99, reflecting a 9.07% decrease in his ownership stake.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price rose 5.9% during mid-day trading on Thursday . The company traded as high as $14.03 and last traded at $13.74. Approximately 6,682,852 shares changed hands during mid-day trading, a decline of 20% from the average daily volume of 8,351,216 shares. The stock had previously closed at $12.97.

Analysts Set New Price Targets

SERV has been the topic of a number of research analyst reports. Northland Securities set a $26.00 price target on shares of Serve Robotics in a research note on Monday, October 13th. Seaport Res Ptn downgraded shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. Wedbush assumed coverage on shares of Serve Robotics in a research note on Wednesday, August 27th. They set an "outperform" rating and a $15.00 target price on the stock. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Serve Robotics in a research note on Wednesday, October 8th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $18.50.

Serve Robotics Stock Performance

The firm's 50 day moving average is $12.27 and its two-hundred day moving average is $10.48. The stock has a market capitalization of $822.75 million, a PE ratio of -11.95 and a beta of -0.70.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced its 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 return on equity of 36.47% and a negative net margin of 3,726.00%.The business had revenue of $0.64 million for the quarter, compared to analysts' expectations of $0.63 million. On average, analysts anticipate that Serve Robotics Inc. will post -0.98 EPS for the current year.

Insider Buying and Selling

In other Serve Robotics news, insider Euan Abraham sold 25,000 shares of the stock in a transaction that occurred on Wednesday, October 15th. The shares were sold at an average price of $17.99, for a total value of $449,750.00. Following the sale, the insider directly owned 250,539 shares of the company's stock, valued at approximately $4,507,196.61. This represents a 9.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director David Michael Goldberg sold 5,000 shares of the stock in a transaction that occurred on Wednesday, September 24th. The shares were sold at an average price of $13.58, for a total transaction of $67,900.00. Following the completion of the sale, the director directly owned 45,725 shares in the company, valued at approximately $620,945.50. This represents a 9.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 390,102 shares of company stock worth $4,584,727. Corporate insiders own 5.50% of the company's stock.

Institutional Investors Weigh In On Serve Robotics

Large investors have recently modified their holdings of the company. Farther Finance Advisors LLC purchased a new stake in shares of Serve Robotics in the 3rd quarter valued at approximately $27,000. Allworth Financial LP boosted its holdings in shares of Serve Robotics by 316.7% in the 2nd quarter. Allworth Financial LP now owns 3,900 shares of the company's stock valued at $45,000 after buying an additional 2,964 shares in the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Serve Robotics in the 2nd quarter valued at $55,000. Total Investment Management Inc. acquired a new position in shares of Serve Robotics in the 2nd quarter valued at $76,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Serve Robotics in the 1st quarter valued at $49,000.

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.

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