Serve Robotics (NASDAQ:SERV) Stock Price Up 7% - Time to Buy?

Key Points

• Serve Robotics Inc. shares experienced a significant rise of 7% on Thursday, reaching a last traded price of $12.59 after closing at $11.77.
• Analysts have mixed opinions on Serve Robotics, with forecasts including a price target of $15.00 from Wedbush and an average price target of $17.75 among others.
• Recent insider selling, including COO Touraj Parang's sale of over 53,000 shares, highlights cautious sentiment among company executives despite the stock's performance.

Serve Robotics Inc. (NASDAQ:SERV - Get Free Report) shares rose 7% on Thursday . The company traded as high as $12.69 and last traded at $12.59. Approximately 8,181,481 shares were traded during trading, an increase of 9% from the average daily volume of 7,489,840 shares. The stock had previously closed at $11.77.

Analyst Upgrades and Downgrades

SERV has been the subject of a number of recent analyst reports. Wedbush initiated coverage on shares of Serve Robotics in a research report on Wednesday, August 27th. They set an "outperform" rating and a $15.00 price target for the company. Singular Research raised shares of Serve Robotics to a "moderate buy" rating in a research note on Tuesday, August 26th. Finally, Seaport Res Ptn lowered shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $17.75.

Serve Robotics Stock Performance

The firm has a market cap of $753.89 million, a PE ratio of -10.95 and a beta of -0.67. The firm's 50-day moving average price is $10.98 and its two-hundred day moving average price is $9.63.

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 company had revenue of $0.64 million for 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%. As a group, sell-side analysts predict that Serve Robotics Inc. will post -0.98 earnings per share for the current fiscal year.

Insider Activity

In other Serve Robotics news, COO Touraj Parang sold 53,690 shares of the company's stock in a transaction 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 transaction, the chief operating officer owned 1,365,416 shares in the company, valued at approximately $14,132,055.60. This represents a 3.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian Read sold 10,216 shares of the company's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $9.82, for a total transaction of $100,321.12. Following the transaction, the chief financial officer owned 373,263 shares of the company's stock, valued at approximately $3,665,442.66. The trade was a 2.66% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 325,233 shares of company stock valued at $3,532,528. Insiders own 5.50% of the company's stock.

Hedge Funds Weigh In On Serve Robotics

A number of large investors have recently bought and sold shares of SERV. Two Sigma Investments LP purchased a new position in Serve Robotics during the 4th quarter worth $815,000. Exchange Traded Concepts LLC raised its position in Serve Robotics by 31.4% during the 1st quarter. Exchange Traded Concepts LLC now owns 882,522 shares of the company's stock worth $5,075,000 after buying an additional 210,977 shares during the last quarter. PFG Investments LLC raised its position in Serve Robotics by 12.3% during the 1st quarter. PFG Investments LLC now owns 36,498 shares of the company's stock worth $210,000 after buying an additional 4,000 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Serve Robotics by 82.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 18,966 shares of the company's stock worth $109,000 after buying an additional 8,566 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in Serve Robotics during the 1st quarter worth $49,000.

Serve Robotics Company Profile

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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