Serve Robotics Inc. (NASDAQ:SERV - Get Free Report)'s share price was up 8.9% during mid-day trading on Friday . The company traded as high as $15.31 and last traded at $13.98. Approximately 31,805,155 shares traded hands during mid-day trading, an increase of 331% from the average daily volume of 7,375,654 shares. The stock had previously closed at $12.84.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on SERV shares. Seaport Res Ptn downgraded shares of Serve Robotics from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 11th. Wedbush started coverage on shares of Serve Robotics in a research report on Wednesday, August 27th. They issued an "outperform" rating and a $15.00 price target on the stock. Finally, Singular Research upgraded shares of Serve Robotics to a "moderate buy" rating in a research report on Tuesday, August 26th. 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 has a consensus rating of "Buy" and an average price target of $17.75.
Read Our Latest Analysis on Serve Robotics
Serve Robotics Stock Up 8.9%
The company has a market capitalization of $837.12 million, a P/E ratio of -12.16 and a beta of -0.19. The company's 50-day simple moving average is $10.82 and its 200 day simple moving average is $9.37.
Serve Robotics (NASDAQ:SERV - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.36) EPS 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 the consensus estimate 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, equities research analysts forecast 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, insider Euan Abraham sold 8,433 shares of the stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $12.38, for a total transaction of $104,400.54. Following the completion of the sale, the insider owned 252,019 shares in the company, valued at $3,119,995.22. This trade represents a 3.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Touraj Parang sold 53,690 shares of the stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $10.35, for a total transaction of $555,691.50. Following the sale, the chief operating officer directly 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 disclosure for this sale can be found here. Insiders have sold a total of 305,999 shares of company stock worth $3,203,268 over the last ninety days. Company insiders own 5.50% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of the business. Total Investment Management Inc. bought a new position in shares of Serve Robotics in the 2nd quarter valued at about $76,000. Advisory Services Network LLC acquired a new stake in shares of Serve Robotics in the 2nd quarter valued at approximately $499,000. Headlands Technologies LLC raised its position in shares of Serve Robotics by 58,553.6% in the 2nd quarter. Headlands Technologies LLC now owns 16,423 shares of the company's stock valued at $188,000 after acquiring an additional 16,395 shares during the period. Tower Research Capital LLC TRC raised its position 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 acquiring an additional 26,309 shares during the period. Finally, Captrust Financial Advisors raised its position in shares of Serve Robotics by 16.5% in the 2nd quarter. Captrust Financial Advisors now owns 479,347 shares of the company's stock valued at $5,484,000 after acquiring an additional 67,770 shares during the period.
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.
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