Serve Robotics (NASDAQ:SERV) Stock Price Up 6.4% - Should You Buy?

Key Points

• Serve Robotics Inc. stock price increased by 6.4%, closing at $17.51 after trading as high as $18.64, with a significant rise in trading volume of 210% compared to its average.
• Analyst ratings for Serve Robotics are mixed, with one "Strong Buy," five "Buy," one "Hold," and one "Sell," while the average target price is $18.50.
• In the last quarter, Serve Robotics reported earnings of ($0.36) per share, missing estimates, while insiders have sold significant shares, hinting at cautious sentiment from leadership.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s stock price was up 6.4% during trading on Wednesday . The company traded as high as $18.64 and last traded at $17.51. Approximately 25,681,919 shares changed hands during mid-day trading, an increase of 210% from the average daily volume of 8,287,848 shares. The stock had previously closed at $16.45.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SERV shares. Northland Securities set a $26.00 price objective on Serve Robotics in a research report on Monday. Citigroup reiterated an "outperform" rating on shares of Serve Robotics in a report on Monday. Singular Research upgraded Serve Robotics to a "moderate buy" rating in a report on Tuesday, August 26th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Serve Robotics in a report on Wednesday, October 8th. Finally, Seaport Res Ptn cut Serve Robotics from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $18.50.

Serve Robotics Price Performance

The firm has a market capitalization of $1.05 billion, a PE ratio of -15.23 and a beta of -0.70. The stock has a 50-day moving average price of $11.74 and a 200-day moving average price of $10.13.

Serve Robotics (NASDAQ:SERV - Get Free Report) last announced 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 firm had revenue of $0.64 million during the quarter, compared to the consensus estimate of $0.63 million. Serve Robotics had a negative net margin of 3,726.00% and a negative return on equity of 36.47%. As a group, equities research analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Transactions at Serve Robotics

In other Serve Robotics news, insider Euan Abraham sold 25,000 shares of Serve Robotics stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $14.99, for a total value of $374,750.00. Following the completion of the transaction, the insider directly owned 227,019 shares in the company, valued at $3,403,014.81. The trade was a 9.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Touraj Parang sold 4,825 shares of Serve Robotics stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $15.25, for a total value of $73,581.25. Following the completion of the transaction, the chief operating officer owned 1,360,591 shares of the company's stock, valued at approximately $20,749,012.75. The trade was a 0.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 365,102 shares of company stock valued at $4,134,977 over the last 90 days. Corporate insiders own 21.40% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

A number of hedge funds and other institutional investors have recently bought and sold shares of SERV. Capital Fund Management S.A. acquired a new position in Serve Robotics in the first quarter valued at approximately $4,244,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Serve Robotics by 616.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 679,014 shares of the company's stock worth $3,972,000 after buying an additional 584,302 shares during the period. Geode Capital Management LLC boosted its position in shares of Serve Robotics by 176.0% during the second quarter. Geode Capital Management LLC now owns 878,668 shares of the company's stock worth $10,054,000 after buying an additional 560,361 shares during the period. Cubist Systematic Strategies LLC acquired a new position in shares of Serve Robotics during the first quarter worth approximately $2,064,000. Finally, Bank of America Corp DE boosted its position in shares of Serve Robotics by 157.9% during the second quarter. Bank of America Corp DE now owns 401,557 shares of the company's stock worth $4,594,000 after buying an additional 245,858 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.